Chart analysis for Bitcoin/TetherUS (BTC/USDT) with Heikin Ashi candles showing a Head and Shoulders pattern:
Pattern Analysis:
1. **Head and Shoulders Pattern**:
- **Left Shoulder**: Formed in late May.
- **Head**: Formed in early to mid-June.
- **Right Shoulder**: Formed in late June.
Key Levels:
- **Neckline**: Around 58,000 USDT.
- **Target**: Projected by the height of the head from the neckline, approximately 11,724 USDT drop.
Calculations:
- **Head to Neckline Drop**: 72,000 - 58,000 = 14,000 USDT.
- **Neckline to Target Drop**: 58,000 - 14,000 = 44,000 USDT.
Support and Resistance:
- **Resistance**:
- 60,000 USDT (recent high before right shoulder).
- 64,000 USDT (high of right shoulder).
- 72,000 USDT (head).
- **Support**:
- 58,000 USDT (neckline).
- 54,000 USDT (previous lows).
- 50,000 USDT (psychological level).
- 44,000 USDT (target from the pattern).
Confirmation:
- **Break Below Neckline**: The chart shows a break below the neckline around 58,000 USDT.
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