The BTC/USD chart indicates a continuation of the bearish trend due to the appearance of a Head and Shoulders pattern on the 1-hour timeframe. This classic reversal pattern, combined with the price breaking the neckline, suggests that more downside could be expected.
🔻 Key Pattern Insight:
The Head and Shoulders pattern is a strong indicator of a potential downtrend. With the neckline already broken, the market is likely to maintain its bearish momentum.
📊 RSI Analysis:
The RSI is currently in the oversold zone, indicating a possible temporary exhaustion of selling pressure. However, a confirmed bearish continuation may occur if the RSI moves above the 50 level, offering a better position for a sell entry.
📉 Target Level:
I expect this downtrend to potentially lead to a price target of 54,725, which could act as the next significant support level.
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Additional Insights:
The price is consolidating below the neckline, signaling that bears remain in control. If there's a retest of the neckline as resistance, it may offer another opportunity for short entries.
Be cautious of potential short-term bounces due to the RSI in the oversold zone, but any move below 55,500 could further confirm the bearish sentiment.
🔻 Key Pattern Insight:
The Head and Shoulders pattern is a strong indicator of a potential downtrend. With the neckline already broken, the market is likely to maintain its bearish momentum.
📊 RSI Analysis:
The RSI is currently in the oversold zone, indicating a possible temporary exhaustion of selling pressure. However, a confirmed bearish continuation may occur if the RSI moves above the 50 level, offering a better position for a sell entry.
📉 Target Level:
I expect this downtrend to potentially lead to a price target of 54,725, which could act as the next significant support level.
----------------------------------------------------------------------------------
Additional Insights:
The price is consolidating below the neckline, signaling that bears remain in control. If there's a retest of the neckline as resistance, it may offer another opportunity for short entries.
Be cautious of potential short-term bounces due to the RSI in the oversold zone, but any move below 55,500 could further confirm the bearish sentiment.
Nota
Expected Level Reached ✅✅✅
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.