Bitcoin Testing Key Levels: Potential Breakout or Consolidation
hello guys!
The chart shows a clear formation of a Head and Shoulders (H&S) pattern at the upper price levels, with the head around $101,000 and the left and right shoulders near $100,000. This is a key reversal pattern signaling a potential downside if the neckline at approximately $97,000 breaks.
On the broader structure, there is an upward wedge pattern forming, with Bitcoin facing strong resistance at $103,000-$105,000 (upper boundary). This range aligns with a second right shoulder observed previously, indicating a critical decision point for the asset.
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The chart highlights two scenarios:
The chart shows a clear formation of a Head and Shoulders (H&S) pattern at the upper price levels, with the head around $101,000 and the left and right shoulders near $100,000. This is a key reversal pattern signaling a potential downside if the neckline at approximately $97,000 breaks.
On the broader structure, there is an upward wedge pattern forming, with Bitcoin facing strong resistance at $103,000-$105,000 (upper boundary). This range aligns with a second right shoulder observed previously, indicating a critical decision point for the asset.
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The chart highlights two scenarios:
- Bullish Continuation: A break above $101,000 and confirmation past $103,000 would likely drive the price to test higher levels, potentially towards $105,000 and beyond.
- Bearish Reversal: If Bitcoin loses the neckline support ($97,000), it could test lower support levels near $93,800 and potentially $91,000-$92,000.
Note
the head and shoulders in a lower time frame hit its target!
Trade active
the long position is activated!
Trade closed: target reached
the target of a long position is achieved!
👉 my broker:: bit.ly/HYMCMELI
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telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.