Head, Shoulders Pattern Predicts Crash- Here’s The Target
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Tony Severino, a well-known crypto analyst, shared New Bitcoin price forecastsuggesting that Pioneer cryptocurrency is in Another major correction. Analysts suggest that the formation of lower time frame (LTF) head and shoulder patterns on the Bitcoin price chart could be a potential confirmation of a crash to $80,000.
Bitcoin price is expected to collapse to $83,600
The market’s recent downturn is negative Influence the value of Bitcoinprompting top analysts to make predictions not very good. Severino Posted On March 6 (formerly Twitter), Bitcoin may soon be back to new lows.
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Analysts expect Bitcoin may crash to $84,800 – $83,600. The latest formation of LTF head and shoulder patterns on the Bitcoin chart supports this bearish price outlook.
one Head and shoulder mold It is formed by technical analysis, which usually indicates potential Reversal from bullish to bearish. It is shown on the price chart as three peaks, with the middle peak being the head, which is higher than the other peaks (shoulder). It is worth noting that head and shoulder patterns are considered one of the most well-known patterns for projecting a downward trend in cryptocurrencies.
For Bitcoin, Severino’s chart illustrates Symmetric triangle It has an internal ABCDE corrugated structure. The black diagonals in the chart form a symmetrical triangle, which indicates lower highs and higher lows. Within the triangle, the red line forms waves, indicating that the price of Bitcoin may be Side chopped But there is bias to complete the triangle.
Due to the formation of head and shoulder patterns, Bitcoin may see its price drop to the lower boundary of the triangle, with the center of $80,000 left and right. This price crash will complete the D wave and may test the next critical support area.
Once Bitcoin drops to this level, Severino predicts it can Bounce back to a new high. The chart shows that Bitcoin can be integrated towards the triangle’s E-wave, which is located around the $90,000 price level.
Additionally, the analyst’s Bitcoin graph indicates another Deeper callbacks After this price rebounded to $90,000. To the right of the chart, the arrow points downward, which indicates that Bitcoin may drop to $83,600 to $80,200 after the final E Wave Rally.
Analysts warn the Bulls to run the bear trap before the ending
While many in the cryptocurrency market have marked a sharp drop in Bitcoin prices as The Bear Market Beginsothers believe that this price crash may be just a bear trap. Market experts are known as “Crypto Caesar” predict That Bitcoin is coming soon Bear Trap Before entering the final stage of this bull cycle.
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This means Bitcoin could face another sharp drop, shaking its weak hands before soaring to new all-time highs. The analyst’s chart predicts that it could be priced at $110,000, marking the end of a bull market.
Featured images from Pexels, charts for TradingView
