🚨 Bitcoin Update: Possible 78K Rejection & Head and Shoulders Targeting 70K–72K🚨
If we look at Bitcoin’s current scenario, in my opinion Bitcoin may move from $78,100 to $78,900 to take short-side liquidity.
And as I showed in my chart, you may see Bitcoin’s next move in the coming time exactly in this way. However, you will get a good opportunity when Bitcoin comes back again and tests the $78K resistance zone. From there, you can consider opening your short trades.
Another possibility is that many traders have their stop-losses below the $76,000 area, around $75,850. So it is possible that the market may take liquidity from both sides first.
Bitcoin could first drop near $75,700, and from there it may pump back up toward the $78K area. After that, it may get rejected from $78K and then move down again to create a new low.
The biggest reason behind this is that Bitcoin has been continuously dropping, and such a consistent fall is not healthy for the price action. In my view, very soon you will see Bitcoin getting rejected from the $78K zone and moving downward again.
Also, if you observe carefully, Bitcoin on the daily timeframe is forming a Head and Shoulders pattern, which has a potential target around $70K to $72K.
That’s why everyone may get a good opportunity. If you are seeing this post for the first time, let me tell you that this is not my first post. When Bitcoin was at $82,700, I was already saying that the overall market sentiment is bearish.
For now, the main thing to watch is from which area Bitcoin gets rejected.
If anyone needs guidance, they can let me know.