Bitcoin is forming a potential inverse head and shoulders pattern on the 1-hour timeframe, indicating a bullish projection toward 107k.
The immediate demand zone offers a strong buy opportunity, while a break below this level shifts focus to the buy-back zone for potential re-accumulation. This bullish scenario remains valid unless price breaks below the pattern head, coinciding with the critical BIG wave 4 support level.
Volume confirmation is essential to validate the breakout above the neckline. A breach of the neckline could trigger momentum toward the projected target, while failure to sustain key levels may result in deeper retracements.
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