Hello Traders,
Here the 2 hour chart of Bitcoin . Clearly we are in a perfect downward trend channel. We also see the formation of the right shoulder of the inverse head shoulder formation.
Target for this head and shoulder formation is 65000 usd when breaking through the neckline.
Currently watch carefully what happens to the price. If it drops below 50000 then the main head and shoulder formation is no longer valid. It is very well possible that the price will rebound and then break through the neckline to the old top with the forming of the right shoulder.
As often, a picture say more than a thousand words!