BTC morphs into an even bigger pattern, with a target of $106.6K
Last week, we highlighted a small triangle pattern that triggered, but the price retraced to the entry level. Examining today’s price action and focusing on price points from November 22nd, an inverse head-and-shoulders pattern appears to be forming. This suggests that a break above $98,265 could lead to a rally toward $106,646 per coin. Alternatively, it might be a larger triangle pattern, but the price target and breakout potential would remain the same.
The right shoulder, however, may need more time to form, potentially causing increased volatility, particularly in alt coins. These could see a dip if BTC tests the trend line connecting last week’s low and the lows of November 13 and 15.
The best strategy with these patterns is to wait for a breakout, which minimizes stress and improves decision-making. For those comfortable with the associated risk and stress, there may be opportunities in the range between the lower boundary of the pattern at $92,528 and last week’s low of $90,994.95. Ultimately, the question is: from which level are you willing to take on risk, if any?
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
The right shoulder, however, may need more time to form, potentially causing increased volatility, particularly in alt coins. These could see a dip if BTC tests the trend line connecting last week’s low and the lows of November 13 and 15.
The best strategy with these patterns is to wait for a breakout, which minimizes stress and improves decision-making. For those comfortable with the associated risk and stress, there may be opportunities in the range between the lower boundary of the pattern at $92,528 and last week’s low of $90,994.95. Ultimately, the question is: from which level are you willing to take on risk, if any?
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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