$BTC Head and Shoulders Formation
Bitcoin appears to be forming a Head and Shoulders (H&S) pattern on the daily time frame, a classic reversal structure often signaling a potential downward move.
The key levels to monitor are as follows:
Neckline Level: $91,216
Breakout/Close Below $91,216: If Bitcoin breaks or closes below this critical neckline level, it would confirm the H&S pattern, paving the way for further downside.
Target Price: Based on the pattern's technical projection, a confirmed breakdown could potentially drive Bitcoin to the $85,000 region.
Key Considerations:
Watch for volume confirmation—a decisive increase in selling volume during the breakdown enhances the pattern's reliability.
If Bitcoin remains above $91,216, the pattern remains unconfirmed, and there is potential for a rebound or sideways consolidation.
As always, manage risk carefully and monitor broader market sentiment and news that could influence price action.
Keep an eye on these critical levels for the next move!
