$BTC Price action at a critical juncture, and traders are watching for a potential breakout or breakdown. 📈📉 According to technical chart analysis, two potential scenarios are unfolding:
1. Bullish Scenario: 📈 If the resistance level is broken, we may see a significant increase or even a new upward trend in $BTC. An inverted head and shoulders pattern is forming, which is a bullish indicator that often signals a trend reversal.
2. Bearish Scenario: ⚠️ If the neckline is broken, we may see a significant drop or even a potential crash in $BTC. A classic head and shoulders pattern may also form, which is a bearish indicator that often signals a trend reversal.
(Breaking resistance = bullish confirmation
Breaking the neckline = bearish confirmation)
Potential support levels: $95K → $87K → $75K
Potential resistance levels: $105K → $110K → $120K
Increased buy/sell volume confirms momentum strengthening/weakening 💪📊
We should place a buy order above the resistance level to catch the breakout
Set a stop-loss to manage risk
Be prepared for a potential rebound to retest the breakout level or a bounce from support
Wait for confirmation of the breakout or breakdown before making a significant entry
Follow macro news and sentiment shifts in $BTC
Bitcoin may be preparing for a strong move, and all eyes should be focused on both the resistance level and the neckline. Whether you are a day trader, swing trader, or long-term investor, it is time to stay alert, DYOR, plan your next move wisely, and be ready to adapt.