Bitcoin is showing signs of weakness after forming a textbook head & shoulders pattern near the local highs. The right shoulder failed to create a higher high, indicating fading bullish momentum and increasing seller control.
Price is currently reacting around the neckline support near 80,600. A strong candle close below this area could confirm the bearish breakdown and open the path toward lower support zones. Volume structure also suggests reduced buying pressure after the head formation.
As long as BTC remains below the 81,500 resistance zone, the market may continue facing short-term downside pressure. Any rejection from resistance could add momentum to the bearish continuation move.
Price is currently reacting around the neckline support near 80,600. A strong candle close below this area could confirm the bearish breakdown and open the path toward lower support zones. Volume structure also suggests reduced buying pressure after the head formation.
As long as BTC remains below the 81,500 resistance zone, the market may continue facing short-term downside pressure. Any rejection from resistance could add momentum to the bearish continuation move.
Trade closed: target reached
target reached successfully
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📊 JOIN FREE TELEGRAM CHANNEL ,Don't miss the next move. > I post my daily entry prices, SL, and TP targets in real-time here:
t.me/+tCCgjqkEFcUwZDZk
t.me/+tCCgjqkEFcUwZDZk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.