Bitcoin Price Projection: An Upward Trend on the Horizon

I foresee a certain trend for the Bitcoin price. The initial level drop originated from the symmetrical triangle, leading to the formation of a ‘head and shoulders’ pattern on the 4-hour chart that has just broken. However, I don’t believe this is the end for the bulls. I’m of the opinion that there’s still another upward movement to come. In the short term, it’s possible to see the price break down to form an inverse right shoulder, which could propel us back up and out. At that point, I plan to establish a substantial long position.

It appears to be a feasible strategy to hedge short from the current level and subsequently close the position at the precise level for transitioning to a long position. This approach could potentially optimize gains if the price trajectory aligns with these forecasts. However, it is crucial to bear in mind that all investments are subject to risk. Therefore, comprehensive research and consideration of multiple factors are essential before making any trading decisions.