BTC: The Return to 15k Begins as Market Shows Signs of weakness!
Upon examination, it is evident that the price is forming a head & shoulder pattern, indicating a weakening trend! If the price breaks below the neckline, the return to 15k will begin! It is, therefore, advisable to keep an eye on the neckline in case it breaks to the downside!
It also appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, it is likely that the market will experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
Furthermore, the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance indicates a potential move to the previous bottom of 15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
It also appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, it is likely that the market will experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
Furthermore, the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance indicates a potential move to the previous bottom of 15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
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