$BTC update
I think Bitcoin is on track to complete this massive Head and Shoulder bearish pattern. There's a triangle support level around 31100 area; it would need to break that to continue a downwards momentum. If that happens, we can see it test key levels before bouncing into a pattern reversal.
key levels:
28k
24k
19k
16k
The market could bounce back up at any of these levels. But with any trend reversal, we need to see a confirmation to have confidence that it will continue. Otherwise, it's a bull trap and ends up being a losing trade.
Conclusion: The current state BTC needs to stay above 33k for a bullish market reversal. Otherwise, it probably won't hold and go further down.
Feel free to share your thoughts on this I'm here to learn
I think Bitcoin is on track to complete this massive Head and Shoulder bearish pattern. There's a triangle support level around 31100 area; it would need to break that to continue a downwards momentum. If that happens, we can see it test key levels before bouncing into a pattern reversal.
key levels:
28k
24k
19k
16k
The market could bounce back up at any of these levels. But with any trend reversal, we need to see a confirmation to have confidence that it will continue. Otherwise, it's a bull trap and ends up being a losing trade.
Conclusion: The current state BTC needs to stay above 33k for a bullish market reversal. Otherwise, it probably won't hold and go further down.
Feel free to share your thoughts on this I'm here to learn