According to Mihir (@RhythmicAnalyst), Bitcoin has formed another Head & Shoulders (H&S) pattern within the designated green box. However, the typical bearish implications of this pattern might not hold, suggesting a potential price increase. Mihir's analysis indicates that traders should be cautious of making bearish bets without further confirmation, as the pattern may be invalidated. This could imply a shift towards bullish momentum, impacting trading strategies focused on short positions. The tweet highlights the importance of understanding pattern invalidation in technical analysis, although Mihir does not specify the exact reasons for this potential invalidation in his post.

According to Mihir (@RhythmicAnalyst), Bitcoin's price action in the last three days shows a Head & Shoulders bearish pattern, suggesting potential downward pressure. The analysis indicates a possible recovery path if Bitcoin holds above certain support levels, as marked on the chart. Traders are advised to monitor these levels closely for potential entry points.

According to Mihir (@RhythmicAnalyst), a bearish pattern for BTC was identified and shared with the public on January 16th. This observation could be crucial for traders looking to adjust their strategies in anticipation of potential downward movements in Bitcoin's price.

According to Trader Tardigrade, Bitcoin may soon resume its uptrend as the U.S. Dollar Index (DXY) has broken down from a head and shoulders bearish pattern. This potential downtrend in the DXY could signal bullish momentum for Bitcoin, influencing traders to consider long positions.