Bitcoin is forming a Head & Shoulder pattern, a classic bearish reversal setup.
The right shoulder is in the making, and for that price might fall towards the neckline support around near 104000 level, a crucial zone to watch.
The immediate support exists near 110500, if breached successfully, the probabilities of reaching the 104000 zone will rise.
A confirmed break below the neckline could accelerate downside momentum toward $100,000–$98,000.
RSI is trending lower, showing weakening momentum and supporting the bearish outlook.
If neckline holds, a short-term bounce is possible, but overall structure favors sellers.
Also on the weekly chart, a clear Evening Star pattern has been creating (while writing this analysis)
Hence, taking double confirmation from the daily & weekly chart, Bitcoin prices are expected to fall.
The right shoulder is in the making, and for that price might fall towards the neckline support around near 104000 level, a crucial zone to watch.
The immediate support exists near 110500, if breached successfully, the probabilities of reaching the 104000 zone will rise.
A confirmed break below the neckline could accelerate downside momentum toward $100,000–$98,000.
RSI is trending lower, showing weakening momentum and supporting the bearish outlook.
If neckline holds, a short-term bounce is possible, but overall structure favors sellers.
Also on the weekly chart, a clear Evening Star pattern has been creating (while writing this analysis)
Hence, taking double confirmation from the daily & weekly chart, Bitcoin prices are expected to fall.
Certified Market Technician
WA: +33755531401
marketinvestopedia.com/
WA: +33755531401
marketinvestopedia.com/
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Certified Market Technician
WA: +33755531401
marketinvestopedia.com/
WA: +33755531401
marketinvestopedia.com/
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.