Bearish Signals Ahead:Pattern Could Trigger a Downtrend
Updated
hello guys.
let's analyze btc!
Pattern Formation: The chart shows a classic "Head and Shoulders" pattern, a bearish reversal indicator. The pattern consists of a left shoulder, head, and right shoulder.
Resistance Level: The recent price action reached a resistance zone, forming a double top near 69,000. This is a key level where sellers have shown strength.
Blue Zone (Engulfing Condition): If price can break and close above this blue highlighted area, it could indicate a possible bullish recovery.
Potential Downward Movement: If the pattern plays out as expected, and price breaks below the neckline support (around 66,500), it may confirm the downtrend, targeting lower levels.
Key Support Zone: The ultimate support is marked around 64,500, where buyers might look to enter if price declines.
long story short, get a short position and put your stoploss behind the blue area if your stoploss hits then change the strategy to long! until the $69020 area!
short target is $64503
let's analyze btc!
Pattern Formation: The chart shows a classic "Head and Shoulders" pattern, a bearish reversal indicator. The pattern consists of a left shoulder, head, and right shoulder.
Resistance Level: The recent price action reached a resistance zone, forming a double top near 69,000. This is a key level where sellers have shown strength.
Blue Zone (Engulfing Condition): If price can break and close above this blue highlighted area, it could indicate a possible bullish recovery.
Potential Downward Movement: If the pattern plays out as expected, and price breaks below the neckline support (around 66,500), it may confirm the downtrend, targeting lower levels.
Key Support Zone: The ultimate support is marked around 64,500, where buyers might look to enter if price declines.
long story short, get a short position and put your stoploss behind the blue area if your stoploss hits then change the strategy to long! until the $69020 area!
short target is $64503
Note
it is a more common scenario that could happen!
Trade closed: target reached
the second scenario hit the target
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telegram channel: t.me/melikatrader94
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