Bitcoin Potentially Forming An Inverse Head & Shoulders: Dump?
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After yesterday's sell-off I started to wonder what would happen if BTC would fall again and how the price action would look like.
If BTC were to go down again I'd look for a retest of the 61k-60k area (purple dotted line). This area has proven to offer strong support, and can be a stepping stone for an inverse head & shoulders pattern.
Keep in mind that BTC going down to 60k is (in my eyes) less likely than making a new all-time high soon. The pattern has yet to be confirmed. However, if we go down you are prepared.
If BTC were to go down again I'd look for a retest of the 61k-60k area (purple dotted line). This area has proven to offer strong support, and can be a stepping stone for an inverse head & shoulders pattern.
Keep in mind that BTC going down to 60k is (in my eyes) less likely than making a new all-time high soon. The pattern has yet to be confirmed. However, if we go down you are prepared.
Note
Moving down. If 65.7k is lost, high risk of coming down more and reaching my right shoulder area.
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