Anyone daring to take a chance on #XML ? #Stellar | CoBit på Binance Square

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Anyone daring to take a chance on #XML ?
#Stellar 

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As I mentioned earlier, Bitcoin was forming a bullish head and shoulders pattern. However, it was essential to wait for confirmation before entering a position because when a pattern does not confirm, it often leads to a sharp move in the opposite direction, as we are currently witnessing. Bitcoin must not close below $60,000 on a weekly basis because, if it does, a bearish double top pattern would be confirmed, potentially driving its price down to $44,000. Even so, a flag pattern could be forming, which, once completed, might lead to the long-awaited bull run, which I estimate will begin in early November.

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As I mentioned previously, the failure to confirm a potential pattern (in Bitcoin's case, a Head and Shoulders) is often followed by a significant drop, as we've seen. Right now, the chart is forming a double top pattern (bearish). So, everyone should pay close attention to its potential formation or lack thereof, because if it doesn't confirm, we could see a similar scenario to the failed previous pattern, though in this case, the outcome would be bullish. This increasingly frequent failure to confirm classic patterns has a psychological basis: since everyone is familiar with these patterns, they assume they will happen, causing the opposite to occur. Therefore, right now, these patterns become an extremely important tool to trade against and achieve good profits. #BTC☀

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