A potential Head & Shoulders pattern has emerged near the resistance zone on the 1-hour chart for BTC/USDT, signaling a possible significant market downturn. If the current support level fails to hold, we could witness a sharp sell-off. However, if the support level remains intact, there’s an opportunity to plan a bullish long trade upon the breakout of the previous lower high.
Key Scenarios to Watch: 1️⃣ Short Opportunity:
Entry: $100,000
Take Profit Levels: $97,460 / $94,620 / $92,000
2️⃣ Long Opportunity:
Entry: $102,700
Take Profit Levels: $105,000 / $107,000
Traders are advised to closely monitor the price action around the critical support level. A decisive move in either direction will determine the market’s next trend. Stay prepared for both scenarios and adjust your strategies accordingly.
