Bitcoin’s Critical Juncture⚠️: Head and Shoulders Pattern Signals Potential Downturn ⚠️🚨🚨
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💥Bitcoin traders, brace yourselves. The 3-hour chart is flashing red with a potential Head and Shoulders pattern emerging — a classic sign of a market reversal. This setup looks eerily similar to the late August sell-off, where overconfidence in a sustained rally led to a brutal correction.
Key Factors Pointing to a Drop:👇💥
CME Gap Unfilled: The gap from September 7-8 is still wide open. Historically, Bitcoin likes to fill these gaps, and this one could signal a move towards $55,000.
Overheated Indicators: The daily VWAP looks exhausted, and the RSI on the 2-6 hour charts is dangerously high. Both indicators suggest a market that needs to cool off.
Massive Liquidation Zone: A whopping $5 billion in long positions is sitting at risk around $55,000. If the price drops, expect a cascade of liquidations that could drive the market even lower.
Market Sentiment Turning?
While bullish optimism has been the mood lately, these technical signals suggest caution. Keep an eye on the $55,000 level — a break below could mean a sharp decline. Stay alert, and trade wisely!
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