$BTC #BNBChain Market Analysis-Head and Shoulders Trend

It has been nearly 10 days since the market's correction this time, and it has formed a head and shoulders structure. If it really goes through and falls below, the target position will be around 5w, which is also the previous sideways range in mid-to-late February and around the 61.8% Fibonacci retracement. But there is no need to worry too much until the head and shoulders top actually falls below. In an overall rising environment, the head and shoulders top pattern is very common, but only when it really falls below the neckline can the formation be declared established. For the recent market, we only need to pay attention to whether the price near 6w will effectively fall below.

Personally, I think the low point is likely to be around 6w, and during this period, the pin may go to 5w9 and then pull back. If there is no special event to stimulate it, it will be difficult to really break through.

The head and shoulders top generally represents a reversal pattern. If it is not a true market top, it will almost always gain support at the neckline and then rise. I don't think the bull market will end in the near future. It is just a break, not a real top. Therefore, the head and shoulders top here should not be a reversal pattern, but a continuous pattern in the process of rising, which means that it is unlikely to fall below the neckline.

As for BTC, pay more attention to the situation near 6w. This is a very good buying opportunity with extremely high cost performance, small stop loss space and large take profit space. It is very likely that the low on March 20th is the low of this correction.