Bitcoin (BTCUSD) has been following closely the late 2022 – early 2023 cycle-bottoming process, which formed an Inverse Head and Shoulders (IH&S) pattern that transitioned the market from a bear to a bull cycle.
This time, the 1W MA100 (green trendline) appears to be acting as resistance, potentially pushing BTC lower to complete the Right Shoulder (RS) of the IH&S pattern.
In 2023, BTC formed a Higher Low near the 0.5 Fibonacci retracement level. The bearish move began after a daily candle closed below the 1D MA50 (black trendline).
If BTC closes below the 1D MA50, we could see a test of the 0.5 Fib level around $71,000. A further drop toward the 1W MA200 near $68,000 cannot be ruled out.
Could this pullback complete the IH&S pattern and trigger a new long-term uptrend toward and beyond $100,000?
What’s your view? Share your thoughts in the comments! 📊
This time, the 1W MA100 (green trendline) appears to be acting as resistance, potentially pushing BTC lower to complete the Right Shoulder (RS) of the IH&S pattern.
In 2023, BTC formed a Higher Low near the 0.5 Fibonacci retracement level. The bearish move began after a daily candle closed below the 1D MA50 (black trendline).
If BTC closes below the 1D MA50, we could see a test of the 0.5 Fib level around $71,000. A further drop toward the 1W MA200 near $68,000 cannot be ruled out.
Could this pullback complete the IH&S pattern and trigger a new long-term uptrend toward and beyond $100,000?
What’s your view? Share your thoughts in the comments! 📊