BTC is currently forming a bearish Head & Shoulders pattern, a classic technical setup that often indicates a trend reversal. This pattern points to a downside target of $74,675, calculated based on the distance between the head and neckline.
Key Details:
01) Neckline Support: 90650 - 92000.
02) CME Gap Influence: A significant CME Gap in the $77,000–$80,000 range increases the probability of this bearish scenario playing out, as price movements often tend to fill such gaps.
Breakout Confirmation: Watch for a strong breakdown below the neckline with accompanying volume for confirmation.
Important Note :-
Risk Management: Ensure proper stop-loss placement above the shoulder levels to manage risk effectively.
This setup aligns with the expectation of filling the CME Gap and reinforces the bearish bias. However, as with all trading strategies, remain vigilant for signs of invalidation and adjust your positions accordingly.
Key Details:
01) Neckline Support: 90650 - 92000.
02) CME Gap Influence: A significant CME Gap in the $77,000–$80,000 range increases the probability of this bearish scenario playing out, as price movements often tend to fill such gaps.
Breakout Confirmation: Watch for a strong breakdown below the neckline with accompanying volume for confirmation.
Important Note :-
Risk Management: Ensure proper stop-loss placement above the shoulder levels to manage risk effectively.
This setup aligns with the expectation of filling the CME Gap and reinforces the bearish bias. However, as with all trading strategies, remain vigilant for signs of invalidation and adjust your positions accordingly.
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