Potential Downside Risk for Bitcoin

一昨日

Hello everyone, today I will be analyzing the potential downside risk for Bitcoin. Please take a look at the chart below. As you can see, a head and shoulders pattern appears to be forming, with the left shoulder and head already in place, and the right shoulder currently in the process of formation.

The key level to watch is whether the price breaks below the blue channel. If it does, this will confirm the completion of the head and shoulders pattern, signaling a potential entry for a short position. Conversely, if the price breaks above the channel, it will be a signal to enter a long position.

At this point, only the head has completed, so we should continue monitoring the situation carefully. I will provide further updates once there are significant changes in the price action.