Short and Concise
First scenario- BTC next target is 4400 USD, then a retrace to 3700 usd (which is also fib 61.8), from there btc might go up to 4400 usd to form a head & shoulder pattern(reverse pattern). If btc breaks above 4400 usd with volume then next target is the strong resistance at 6000 USD(blue trendline).
Second scenario- BTC will fail to break above head & shoulder pattern, a possible target might be then the big support at 3180 USD(blue line) to form a doubble bottom. From there we could see a rally to 6000 USD.
First scenario- BTC next target is 4400 USD, then a retrace to 3700 usd (which is also fib 61.8), from there btc might go up to 4400 usd to form a head & shoulder pattern(reverse pattern). If btc breaks above 4400 usd with volume then next target is the strong resistance at 6000 USD(blue trendline).
Second scenario- BTC will fail to break above head & shoulder pattern, a possible target might be then the big support at 3180 USD(blue line) to form a doubble bottom. From there we could see a rally to 6000 USD.
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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.