Spotted a long-term inverted head & shoulders pattern forming over a 7–8 month stretch on Bitcoin — much more reliable than short-term setups. If this bullish structure plays out, we could be looking at a breakout that pushes BTC firmly into price discovery.
I’ve included local Fibonacci levels on the chart, though I couldn’t fit the macro one (going from $4k → $69k → $15k — the 1.618 extension of that larger swing lands at $119,800. That could be a key resistance target if we clear the ATH and continue the uptrend. After that, there's the smaller timeframe, but more recent, fib ext 1.618 sitting at $131k.
I'd be very cautious of a failed pattern if $101k doesn't hold. As a last support, 95k and the red 20EMA might hold.
Let’s see how this plays out 🚀
I’ve included local Fibonacci levels on the chart, though I couldn’t fit the macro one (going from $4k → $69k → $15k — the 1.618 extension of that larger swing lands at $119,800. That could be a key resistance target if we clear the ATH and continue the uptrend. After that, there's the smaller timeframe, but more recent, fib ext 1.618 sitting at $131k.
I'd be very cautious of a failed pattern if $101k doesn't hold. As a last support, 95k and the red 20EMA might hold.
Let’s see how this plays out 🚀
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.