Bitcoin is forming a Head & Shoulder pattern, a classic bearish reversal setup.
The right shoulder is in the making, and for that price might fall towards the neckline support around near 104000 level, a crucial zone to watch.
The immediate support exists near 110500, if breached successfully, the probabilities of reaching the 104000 zone will rise.
A confirmed break below the neckline could accelerate downside momentum toward $100,000–$98,000.
RSI is trending lower, showing weakening momentum and supporting the bearish outlook.
If neckline holds, a short-term bounce is possible, but overall structure favors sellers.
Also on the weekly chart, a clear Evening Star pattern has been creating (while writing this analysis)
Hence, taking double confirmation from the daily & weekly chart, Bitcoin prices are expected to fall.
The right shoulder is in the making, and for that price might fall towards the neckline support around near 104000 level, a crucial zone to watch.
The immediate support exists near 110500, if breached successfully, the probabilities of reaching the 104000 zone will rise.
A confirmed break below the neckline could accelerate downside momentum toward $100,000–$98,000.
RSI is trending lower, showing weakening momentum and supporting the bearish outlook.
If neckline holds, a short-term bounce is possible, but overall structure favors sellers.
Also on the weekly chart, a clear Evening Star pattern has been creating (while writing this analysis)
Hence, taking double confirmation from the daily & weekly chart, Bitcoin prices are expected to fall.
Certified Market Technician
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WA: +33755531401
marketinvestopedia.com/
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Certified Market Technician
WA: +33755531401
marketinvestopedia.com/
WA: +33755531401
marketinvestopedia.com/
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.