๐#BTC Potential bearish head and shoulders?
๐ง From a structural perspective, the target zone of the bullish structure has been achieved (the red zone). Therefore, we need to be vigilant against the risk of a pullback. If it further breaks through the previous high, the next resistance level worthy of attention is around 78,900. If it falls below the inflection point at 73,670, it will mean that the bearish head and shoulders pattern is established, and we need to be wary of the risk of further sharp declines!
โก๏ธ From a model perspective, we have been moving within the ascending channel. Before breaking below this ascending channel, we still need to be alert to the possibility of further continuation of the bullish trend. Therefore, to be conservative, we can patiently wait to short when it breaks below the lower edge of this channel.
โก๏ธ If it breaks below this ascending channel, the short - term support is around 72,200, and for the more distant support, we can pay attention to the overlapping area of the CME gap and the green demand zone.
โ ๏ธ Please do not forget to implement good risk management!
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