#BITCOIN ⟶ HEAD AND SHOULDERS CHANNEL CONFIRMS SELL!!
💎#BITCOIN / ⏱4-hour Timeframe
👉After encountering significant resistance at the weekly channel's midline and the weekly #BITCOIN resistance (59661.3):
✅We anticipated a decline. However, whether this decline will continue depends on the structure that forms🧐
🔻On the 1-hour timeframe, after falling from the weekly resistance, we've witnessed the formation of a head and shoulders channel🔻
✅Subsequently, the breakout of this channel to the downside has confirmed a sell signal🔻
🎯This could potentially lead to the following targets:
🔻Target 1: 54841.57
🔻🔻Target 2: 52381.30
🔻🔻🔻Target 3: 50096.10
❌The head and shoulders channel itself provides us with the stop-loss for the bearish scenario:
👉If BITCOIN rallies and sees a price above the previous high (59809.65), the stop-loss for the bearish scenario will be activated, and the analysis will need to be revisited🔄
👉After encountering significant resistance at the weekly channel's midline and the weekly #BITCOIN resistance (59661.3):
✅We anticipated a decline. However, whether this decline will continue depends on the structure that forms🧐
🔻On the 1-hour timeframe, after falling from the weekly resistance, we've witnessed the formation of a head and shoulders channel🔻
✅Subsequently, the breakout of this channel to the downside has confirmed a sell signal🔻
🎯This could potentially lead to the following targets:
🔻Target 1: 54841.57
🔻🔻Target 2: 52381.30
🔻🔻🔻Target 3: 50096.10
❌The head and shoulders channel itself provides us with the stop-loss for the bearish scenario:
👉If BITCOIN rallies and sees a price above the previous high (59809.65), the stop-loss for the bearish scenario will be activated, and the analysis will need to be revisited🔄
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