Head And Shoulders Pattern Says Bitcoin Price Is Headed Below $100,000

Amid the bearish pressure that has rocked the market, the Bitcoin price continues to fluctuate around the $110,000 support, especially with selling pressure building ￰0￱ has led to predictions that the Bitcoin price is headed for another crash amid the ￰1￱ analysis that stands out comes from crypto analyst Toby Dawson, who pointed out the formation of a bearish Heads and Shoulders pattern that could trigger a cascade below $100,000. Head And Shoulders Pattern Points Downward In the analysis shared on the TradingView website, Dawson outlines the formation of the head and shoulders ￰2￱ first shoulder here, the left shoulder, was created at around $117,000, when the price was struggling back in the month of ￰3￱ subsequent recovery would then give rise to the formation of the ￰4￱ Reading: Dogecoin RSI Returns To Pre-Launch Levels, Analyst Says Next Major Surge Is Close Next was the rapid Bitcoin price rise to a new all-time high above $126,000 before hitting ￰5￱ resistance at this level led to the formation of the head of the pattern, and, as expected, the price continued its downtrend following ￰6￱ most recent of these is the formation of the right shoulder, which was created in the rally toward $117,000 at the end of ￰7￱ again, the Bitcoin price hit another major resistance, marking the completion of the head and shoulders ￰8￱ this formation, the crypto analyst points out the possibility that the Bitcoin price will see a major bounce.

However, in the case of a breakdown, the expectation would be for the price to crash below the $100,000 and move toward $90,000. Bitcoin Price Crash Expectations Spread Another crypto analyst has also called out the possibility of the Bitcoin price ￰9￱ comes after the cryptocurrency made a new all-time high above $126,000, and the analyst points out that the digital asset has always seen a major price crash after reaching new ￰10￱ Reading: Billions In Bitcoin And Ethereum Leave Exchanges: Is Selling Pressure Easing? From here, the focus is now on the 1-week 50 EMA and the support at $100,000. These two are serving as the last line of defense, and if they fail, then the analyst expects the Bitcoin price to go into free ￰11￱ a result, the analyst warns that investors should get ready to exist as “Bitcoin is heading straight to hell!” Just like Dawson, the crypto analyst expects that Bitcoin will break below $100,000, but puts it even ￰12￱ time, it isn’t expected to actually stop above $90,000, but to reach deeper into the $80,000 territory before finding ￰13￱ image from Dall.

E, chart from ￰14￱