8.4 Monday Morning Market Overview: Is BTC's Head and Shoulders Bottom Leading to a Price Rebound or Reversal?
BTC closed the morning with an upper and lower shadow candlestick and a bullish engulfing pattern that engulfs the previous bearish candle, forming a bottom doji morning star structure, indicating a market rebound; the weekly chart closed with a large bearish candlestick but above 11.4
Bitcoin has formed a head and shoulders bottom structure, with the neckline at 11.4 already broken, facing resistance at 11.5. According to a 1:1 proportional rise, Bitcoin could reach around 11.6; on the right side, wait for a stable breakthrough at 11.5 to go long, with a stop loss at 11.4 and targets at 11.6 and 11.72; conversely, if 11.5 is broken down with a large bearish candlestick, go short with a stop loss at 11.56 and targets at 11.4 and 11.3.
No fan will be forced to liquidate, nor will there be blind trades.
It's all about seeking victory steadily, making steady progress; those wanting to profit should get on board quickly!
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