Heads and Shoulders Pattern played out in 4 hour chart of BTC
Here is the simple head and shoulders pattern that was forming in a 4h timeframe.
We know that the head and shoulders pattern is a trend reversal pattern, so after the massive pump from $45k regions to $52k, the price got rejected while the indicators were giving a call for correction.
The targets for this pattern have been completed and Bitcoin is on the most crucial support region of $40-41k. If we broke this region and closed the weekly candle below, we might see early $30ks.
Trade safe.
Muneeb
We know that the head and shoulders pattern is a trend reversal pattern, so after the massive pump from $45k regions to $52k, the price got rejected while the indicators were giving a call for correction.
The targets for this pattern have been completed and Bitcoin is on the most crucial support region of $40-41k. If we broke this region and closed the weekly candle below, we might see early $30ks.
Trade safe.
Muneeb
