Monday Mission 💰
Hey Traders! 👋 We’re closing out 2024, and BTC is serving up something spicy on the charts. It looks like a potential setup for a sweet short trade—an opportunity to end the year strong or kick off the next one with momentum! 🚀📉💰 This is a classic bearish reversal pattern signaling a potential trend change from bullish to bearish. Here’s the breakdown:
1. **Left Shoulder**: The price spikes up, hits resistance, and pulls back to form a low (a "valley"). This movement sets the stage for the pattern.
2. **Head**: The price surges again, this time much higher than the left shoulder, but pulls back once more, typically to a similar support level as the first valley.
3. **Right Shoulder**: The price attempts one more rally but only reaches a lower high (below the "head"), showing fading bullish momentum. It then declines back toward support.
4. **Neckline**: This is the support level where the price repeatedly bounces before a breakdown. In this case, it’s the support zone at $93k–$92k.
**Pattern Confirmation ✅** If the price breaks below and retests the neckline, it signals sellers are overpowering buyers. Once this happens, the stage is set for a potential downward move.
**Potential Outcomes 📉📈**:
1. **Bearish Breakdown (Most Likely)**:
- After the neckline breaks, the price often drops by the same height as the "head-to-neckline" distance.
- On this chart, that implies a potential drop to the $86,000-$85,000 support zone—our target from earlier analysis.
2. **Fake-Out (Less Likely)**: 🤔
- Occasionally, the price dips below the neckline briefly but then recovers, trapping sellers who panic-sold.
- If this happens, the price could rebound to $99,320 or higher.
If you need any more assistance or have other questions, feel free to ask! 🌟📊