Warning, guys, quickly avoid this BTC item, at least in the short term. Just look at the chart and see the big risk, there are no opportunities here when the selling pressure is heavy.
The daily chart clearly shows a Head and Shoulders reversal pattern. The price has peaked (Head) around 120k and is completing the Right Shoulder. The most concerning thing is that the long-term uptrend line (SUPPORT ZONE) has been broken. This is a technical sign that the uptrend has officially ended.
If this pattern is confirmed, especially if the price breaks through the important Neckline area, the theoretical target for a price drop will be the $50,000 zone - where the next strong support is. Buying in at this time is extremely risky and is no different from trying to "**catch a falling knife**."
I recommend that you stand aside and observe completely until there is a clear reversal signal, or the price returns to a safer zone. Don't let greed blind you in front of this apparent risk.
Are you stuck in any Long positions? Comment so everyone can avoid it together.
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