#BTC – The outcome of the midterm elections—specifically Trump’s loss—was perceived positively by the market, triggering an upward move.
This rally is currently completing the shoulder of a potential Head and Shoulders (H&S) pattern (marked in blue).
A daily close above the 81,982 peak would invalidate this pattern, suggesting that the uptrend is likely to continue.
If the price fails to close above 81,982, the current rise may be interpreted merely as a corrective rebound within a broader downtrend, meaning the decline could resume.
A daily close below 74,892 would activate the H&S pattern, pointing toward further downside, with the 66,000–67,000 range as the target.
Declines rarely occur in a straight line; temporary rallies—acting as corrective rebounds—can emerge along the way.
Key support levels to monitor are 74,892, followed by 73,354, 67,306, and 66,769.
If the price manages to hold the 74,892 level on a daily basis during a pullback, it would mean a "lower low" (relative to the most recent downward wave) has not been established; in this scenario, an upward move could occur before the pattern’s target is reached.
This rally is currently completing the shoulder of a potential Head and Shoulders (H&S) pattern (marked in blue).
A daily close above the 81,982 peak would invalidate this pattern, suggesting that the uptrend is likely to continue.
If the price fails to close above 81,982, the current rise may be interpreted merely as a corrective rebound within a broader downtrend, meaning the decline could resume.
A daily close below 74,892 would activate the H&S pattern, pointing toward further downside, with the 66,000–67,000 range as the target.
Declines rarely occur in a straight line; temporary rallies—acting as corrective rebounds—can emerge along the way.
Key support levels to monitor are 74,892, followed by 73,354, 67,306, and 66,769.
If the price manages to hold the 74,892 level on a daily basis during a pullback, it would mean a "lower low" (relative to the most recent downward wave) has not been established; in this scenario, an upward move could occur before the pattern’s target is reached.
