Hello, Crypto Enthusiasts!
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Technical Analysis
We're currently witnessing a classic Inverse Head and Shoulders Pattern forming on the 4-hour Bitcoin/TetherUSD chart. This bullish reversal pattern is a strong indicator that a price uptrend may be on the horizon.
What's happening?
* Head: The head of the pattern formed at the 93,842 USDT level.
* Shoulders: The left and right shoulders formed near the 96,598 USDT level.
* Neckline: The crucial neckline resistance sits at 102,698 USDT. This level has been tested multiple times, suggesting a potential breakout.
Fibonacci Retracement
To further analyze the potential move, we've used Fibonacci retracement levels:
* The 0.618 Fibonacci retracement level at 96,598 USDT acted as strong support for the right shoulder.
* The measured move of the pattern suggests a potential target of 108,991 USDT.
What does this mean for Bitcoin?
A successful breakout above the 102,698 USDT neckline could propel Bitcoin towards the 108,991 USDT target zone. Along the way, we might see a test of the 105,798 USDT mid-resistance zone.
Trading Idea
* Watch for a decisive breakout: Keep an eye on the neckline resistance. A breakout with strong trading volume would signal a bullish confirmation.
* Consider a pullback: If the price retraces to the right shoulder level, it could offer a better entry point with a favorable risk-to-reward ratio.
Remember: Technical analysis is not a guaranteed prediction, and market conditions can change rapidly. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
Stay tuned for further updates and happy trading!
Let's make some gains together! 🚀
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.
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