BTCUSDT Potential Bearish Reversal: Targeting below 19800
Analyzing the 3-day timeframe for BTC/USD, two primary scenarios arise:
Bearish Outlook:
Current wave XX-Z indicates a possible triple combo wave W-X-Y-XX-Z. With wave X potentially concluding, a move downwards for wave Y is anticipated.
Bullish Correction:
Despite a bullish market, a correction wave 2 could drive prices down to 23,700, below the 0.5 Fibonacci level.
An emerging "head and shoulders" pattern supports a bearish trajectory, targeting a price equivalent to the height of the formation, indicating prices below 19,800.
Recommendation: Watch for a confirming bearish candle pattern on the 1-day or 3-day chart. Ensure proper risk management and consider external influencing factors.
Bearish Outlook:
Current wave XX-Z indicates a possible triple combo wave W-X-Y-XX-Z. With wave X potentially concluding, a move downwards for wave Y is anticipated.
Bullish Correction:
Despite a bullish market, a correction wave 2 could drive prices down to 23,700, below the 0.5 Fibonacci level.
An emerging "head and shoulders" pattern supports a bearish trajectory, targeting a price equivalent to the height of the formation, indicating prices below 19,800.
Recommendation: Watch for a confirming bearish candle pattern on the 1-day or 3-day chart. Ensure proper risk management and consider external influencing factors.
