BitcoinShort
"BTC Head and Shoulders Breakdown: Key Sell Zone at $98,000 with
Based on the chart:
- **Pattern Formation**: A classic Head and Shoulders pattern is visible, indicating a potential bearish reversal. The price action has tested the neckline, followed by a possible retest near the "right shoulder."
- **Key Zone**: The area around $98,000 is marked as a "possible sell zone" and aligns with the retest of the neckline.
- **Breakout and Retest**: The price seems to have broken the neckline of the Head and Shoulders pattern and is currently retesting it. If the retest holds as resistance, a strong downside move could follow.
- **Target Levels**: Based on the projected move, the target appears to be around $79,350, with intermediate zones likely around $90,000–$87,000 for partial profit-taking or reactions.
- **Strategy**: A sell setup near $98,000, with invalidation if the price closes convincingly above the neckline, could be considered.
- **Pattern Formation**: A classic Head and Shoulders pattern is visible, indicating a potential bearish reversal. The price action has tested the neckline, followed by a possible retest near the "right shoulder."
- **Key Zone**: The area around $98,000 is marked as a "possible sell zone" and aligns with the retest of the neckline.
- **Breakout and Retest**: The price seems to have broken the neckline of the Head and Shoulders pattern and is currently retesting it. If the retest holds as resistance, a strong downside move could follow.
- **Target Levels**: Based on the projected move, the target appears to be around $79,350, with intermediate zones likely around $90,000–$87,000 for partial profit-taking or reactions.
- **Strategy**: A sell setup near $98,000, with invalidation if the price closes convincingly above the neckline, could be considered.
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If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
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.