First of all, I am a beginner. I would appreciate your comments as it will help me improve my skills.
The idea of head and shoulder formation is probably valid, but if you look at the chart in another way, you will see that there is a falling wedge pattern.
I think that bitcoin will continue to fall today and maybe tomorrow and then start to pick up when it hits the support at around 12200. If it breaks the resistance above 13700, which should be around the 5th of Jan, it should continue to increase gradually to the previous high, and maybe the uptrend will continue too. The resistance level is higher if the break out point is earlier. For example, if it breaks tomorrow, the resistance level is around 14500.
My strategy is to wait for the break above the resistance and then place the order.
Happy New Year
The idea of head and shoulder formation is probably valid, but if you look at the chart in another way, you will see that there is a falling wedge pattern.
I think that bitcoin will continue to fall today and maybe tomorrow and then start to pick up when it hits the support at around 12200. If it breaks the resistance above 13700, which should be around the 5th of Jan, it should continue to increase gradually to the previous high, and maybe the uptrend will continue too. The resistance level is higher if the break out point is earlier. For example, if it breaks tomorrow, the resistance level is around 14500.
My strategy is to wait for the break above the resistance and then place the order.
Happy New Year