Bitcoin is shaping up an inverse Head & Shoulders pattern on 30mins Chart โ a classic reversal setup that traders watch closely after a strong downtrend.
๐น๏ธLeft Shoulder: Formed near 108,200, showing initial buyer interest
๐ธ๏ธHead: Sharp flush to 107,100, creating a new local low
๐น๏ธRight Shoulder: Higher low around 108,000, signaling buying pressure stepping in early
๐ธ๏ธNeckline: Sits just above 109,200 โ this is the key breakout zone
The price action is currently testing resistance just below the neckline, suggesting a possible breakout scenario.
The observed pattern indicates a shift in market momentum, where initial bearish pressure was met with strong buying support, resulting in a higher low, which is a bullish indicator.
However, several factors to consider :
โ A breakout is only confirmed upon the establishment of support above 109,200.
โ The absence of significant volume or a clean retest could indicate a false breakout.
โ A breakdown from the right shoulder could lead to a retest of 107,800 or potentially 107,100.
If the bulls successfully push the $BTC above the neckline with strong volume, a rapid move towards the 110,000โ110,500 range is possible. Conversely, rejection could lead to a pullback towards the mid-zone or a continuation of the bearish trend.
So, the price right now is a big deal. The pattern's legit, but we gotta be sure. Don't let your feelings get in the way, stick to the tech stuff
