BTC → if breaks up get a long position
Updated
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let's dive in BTC!
1. Pattern Recognition:
2. Key Levels:
Neckline: The blue line around $57,571.68 marks the support level that connects the lows from the left and right shoulders.
Breakout Zone: The chart highlights a yellow resistance zone just above the current price. If Bitcoin breaks above this zone, it could lead to a bullish breakout.
3. Bullish Scenario:
Upside Potential: If the price breaks above the yellow resistance zone, the next target could be around $62,343.58. This would confirm the pattern and signal a potential continuation of the upward trend.
4. Bearish Scenario:
Failure to Break: If the price fails to break above the resistance zone, it could result in a pullback to the neckline of around $57,571.68 or lower.
Summary
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let's dive in BTC!
1. Pattern Recognition:
- Left Shoulder: The first peak formed before the head.
- Head: The highest point in the pattern, showing a peak above the shoulders.
- Right Shoulder: The final peak, which is lower than the head but roughly in line with the left shoulder.
2. Key Levels:
Neckline: The blue line around $57,571.68 marks the support level that connects the lows from the left and right shoulders.
Breakout Zone: The chart highlights a yellow resistance zone just above the current price. If Bitcoin breaks above this zone, it could lead to a bullish breakout.
3. Bullish Scenario:
Upside Potential: If the price breaks above the yellow resistance zone, the next target could be around $62,343.58. This would confirm the pattern and signal a potential continuation of the upward trend.
4. Bearish Scenario:
Failure to Break: If the price fails to break above the resistance zone, it could result in a pullback to the neckline of around $57,571.68 or lower.
Summary
- Pattern: Head and Shoulders identified on the 15-minute chart.
- Neckline Support: Around $57,571.68.
- Resistance Zone: Key area to watch for a breakout just above the current price.
- Bullish Scenario: A break above resistance could lead to a move towards $62,343.58.
- Bearish Scenario: Failure to break resistance might lead to a drop back to the neckline or lower.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Note
the breaking out happenedTrade closed: target reached
if you get this position it is on the trendline and you can close half of your position until the price breaks it up!
Note
the breakout happened:
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