Is BTC going to form the right shoulder or straight down to 29K?

10. Jan. 2022

Hello, friends, the overall crypto market remains bearish. BTC is now trading at 42K.There is a strong support around this area. There is 2 possibilities at this point. Lets talk about the first possibility. Since the crypto market is still bearish, if any bad news or continued bearish sentiment, this could bring btc down to another support level 29k. Another scenario is people accumulate at this point for short term gain, the price could be pushed to the next resistance level 53k before another major dip. This could lead to the formation of the right shoulder of head and shoulder pattern. Now we can see there is a slight increase on RSI and stoc RSI. If it further shows positive divergence on MACD, RSI, and STOC RSI, it will give more support to the second scenario. This is not a financial advice.