Bitcoin potentially breaking its downtrend from November 2021
#BTC is now above the Head & Shoulders trendline from November 2021.
This is now the 6th attempt the bulls have had to break the trendline which makes it quite important.
The Head & Shoulders Pattern can "Fail" once buyers reclaim the original trendline in which the price started to break down from, once price moves above this line many traders often start to increase buying positions to speculate that the momentum from the sellers which created the pattern is no longer the dominant force controlling the market.
The buyers need to hold the price above this area, for BTC to attempt a push to higher prices (namely the 45k and 51k areas of interest next) if this area doesn't hold it would be a pretty bad sign as this is the 6th attempt now, and a drop back towards the $30,000 area would be expected then.
See my idea below for another example and explanation of Pattern Failure of Head & Shoulders & Thank You
This is now the 6th attempt the bulls have had to break the trendline which makes it quite important.
The Head & Shoulders Pattern can "Fail" once buyers reclaim the original trendline in which the price started to break down from, once price moves above this line many traders often start to increase buying positions to speculate that the momentum from the sellers which created the pattern is no longer the dominant force controlling the market.
The buyers need to hold the price above this area, for BTC to attempt a push to higher prices (namely the 45k and 51k areas of interest next) if this area doesn't hold it would be a pretty bad sign as this is the 6th attempt now, and a drop back towards the $30,000 area would be expected then.
See my idea below for another example and explanation of Pattern Failure of Head & Shoulders & Thank You
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For further education click on the below ideas for explanation of Head & Shoulders Patterns aswell as General Pattern Failure:
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So far worked perfectly, Cutting some profits here.
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15% Increase Roughly
