Anyone who has some knowledge of the chart can already see what is what.
A “reverse OBO” (head-shoulders) formation is forming within the ascending channel.
However, the right shoulder does not seem to have formed yet. This rise may be a “fake out”.
In the coming days, we may see a sharp sell-off in BTC and a pullback to the 94-95K band.
These levels have both tested the lower support of the ascending channel and are important for the formation of the right shoulder.
If there is a period of accumulation in this support area, “Altcoins and #ethereum may experience a serious rise.”
After this accumulation process, #Bitcoin may rise again in the last quarter of the year and move towards the upper resistance of the channel.
Where is this resistance zone?
Exactly the 150-160K range.
In other words, both the target of the technical formation and the resistance of the ascending channel since 2023 point to the same place.
Moreover, 2 strong Fibonacci levels intersect in this area.
In short:
If the right shoulder is read correctly, a short-term decline and accumulation can be expected.
However, a Bitcoin performance of over 150K in the last quarter of the year is not far away.
“This chart can work.”
P.S.: If #BTC opens above 110K, the right shoulder formation will be completed at $98,500, and the rise process can be considered to have started.
