BTC/USDT: Head and Shoulders Pattern with Bullish Continuation Phello guys.
let's dive into btcusdt!
Analysis:
Inverse Head and Shoulders Pattern:
A clear inverse head and shoulders pattern is visible on the 4-hour chart, signaling a potential trend reversal.
The head is formed at 93,842 USDT, with left and right shoulders forming near 96,598 USDT.
Neckline Resistance: The neckline resistance at 102,698 USDT has been tested multiple times, hinting at potential upward momentum.
Fib Retracement Levels:
The 0.618 Fibonacci retracement level at 96,598 USDT acted as strong support for the right shoulder.
The breakout target aligns with the 108,991 USDT zone, derived from the measured move of the pattern.
Bullish Projection: The price could rally toward the 105,798 USDT mid-resistance zone, with a higher probability of reaching the 108,991 USDT target.
Summary:
Support Levels:
96,598 USDT (Fibonacci and right shoulder support).
93,842 USDT (head level).
Resistance Levels:
102,698 USDT (neckline).
108,991 USDT (target zone).
Outlook: A confirmed breakout above 102,698 USDT could lead to a sharp upward move, targeting the 108,991 USDT zone.
Trade Idea: Watch for a neckline breakout with strong volume or consider a pullback toward the right shoulder for better risk-to-reward opportunities.
