Trouble Ahead for BTC/USD?

4 days ago

Since early December 2024, BTC/USD (Bitcoin versus the US dollar) has traded tentatively around US$100,000. What is interesting from a technical perspective is the formation of a potential (complex) head and shoulders top pattern (left shoulders at US$99,806 and US$104.047; head at US$108.396; possible right shoulders at US$99,887 and US$102.750). Were price action to engulf the pattern’s neckline (taken from the low of US$90,731), this could send the major Crypto pairing as far south as support from US$71,922.