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FX.co ★ #Bitcoin M5: Head and Shoulders

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Technical Analysis Patterns

2024-05-04T00:30:24
Signal strength 1 of 5

#Bitcoin M5: Head and Shoulders

Head and ShouldersAccording to the chart of M5, #Bitcoin formed the Head and Shoulders pattern. The Head’s top is set at 63365.00 while the median line of the Neck is found at 62800.84/62822.33. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of #Bitcoin will go towards 62822.18.
The M5 and M15 time frames may have more false entry points.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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Other patterns by #Bitcoin