Bitcoin faced rejection from a strong supply zone currently acting as the neckline of a potential Inverse Head & Shoulders (IHS) structure. The right shoulder appears to be forming within the $113K–$116K range, and this zone will be crucial in determining the next major directional move.
If the $113K–$116K support range manages to hold the price, we could see a bullish rebound back toward the neckline region around $126K–$127K, setting the stage for a breakout continuation. A successful neckline breakout could propel price toward the primary setup target near $148K, with an extended blow-off top possibly reaching $160K.
However, this bullish formation becomes invalidated if price closes below $107K, which would negate the IHS structure and reopen lower retracement possibilities.
Do you agree with this setup? Drop your thoughts in the comments!