Bitcoin / TetherUSAtualizado BTCUSDT head and shoulders pattern
BTCUSDT is currently in a crucial phase as it tests the neckline of a head and shoulders pattern. The head and shoulders is a technical chart pattern that typically signals a potential trend reversal.
The head and shoulders pattern is characterized by three peaks, with the middle peak (the head) being the highest and the two outer peaks (the shoulders) being slightly lower. The neckline is a horizontal line connecting the lows of the troughs between the peaks. In this case, the price of BTCUSDT is approaching the neckline, which acts as a significant level of support or resistance.
Additionally, the market exhibits a demand zone around the 25k area, which has both daily and weekly significance. A demand zone represents a region where buyers are likely to step in and create upward momentum in the market. In this scenario, the demand zone around 25k area coincides with a weekly support level, making it a crucial area for price action.
If the price fails to hold the support and breaks below the neckline, it could potentially trigger a bearish move. In such a scenario, the market participants might seek new liquidity from the aforementioned demand zone around 25k area. The concept of grabbing new liquidity refers to market participants taking advantage of an area with a high concentration of buy orders to cover their sell positions.
Overall, the current situation in BTCUSDT suggests a critical juncture, as the price tests the neckline of the head and shoulders pattern while having a significant demand zone around 25k area with weekly support. Traders and investors will closely monitor the price action to assess whether the support level will hold or if new liquidity will be sought from the demand zone.
The head and shoulders pattern is characterized by three peaks, with the middle peak (the head) being the highest and the two outer peaks (the shoulders) being slightly lower. The neckline is a horizontal line connecting the lows of the troughs between the peaks. In this case, the price of BTCUSDT is approaching the neckline, which acts as a significant level of support or resistance.
Additionally, the market exhibits a demand zone around the 25k area, which has both daily and weekly significance. A demand zone represents a region where buyers are likely to step in and create upward momentum in the market. In this scenario, the demand zone around 25k area coincides with a weekly support level, making it a crucial area for price action.
If the price fails to hold the support and breaks below the neckline, it could potentially trigger a bearish move. In such a scenario, the market participants might seek new liquidity from the aforementioned demand zone around 25k area. The concept of grabbing new liquidity refers to market participants taking advantage of an area with a high concentration of buy orders to cover their sell positions.
Overall, the current situation in BTCUSDT suggests a critical juncture, as the price tests the neckline of the head and shoulders pattern while having a significant demand zone around 25k area with weekly support. Traders and investors will closely monitor the price action to assess whether the support level will hold or if new liquidity will be sought from the demand zone.
Nota
Testing the supportNota
Following the arrowNota
Let's see if the price is going to create a pullbackNota
The price is following my arrowNota
The price is testing the neckline. Nota
The price is following my arrowNota
The price is following my arrowNota
still validNota
the price is following the arrow
Aviso legal
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