BITCOIN — IS A HEAD AND SHOULDERS PATTERN FORMING?Bitcoin / TetherUSBINANCE:BTCUSDTGustavoCorrea1Hello TradingView friends! I’m Gustavo Correa, a trader here in Brazil, and today I’m bringing you another Bitcoin outlook. Bitcoin has been showing a corrective pattern over the past few days. As I mentioned in a previous post, a move back to the 200-day SMA is still a real possibility, even though I already consider the bull market to have started when Bitcoin broke above it. Let’s take a look at what BTC appears to be doing and one possible interpretation. Bitcoin seems to be forming a potential head and shoulders pattern (H&S). Take a look at this chart: BTC could test the bottom of this channel, within a range between $77K and $79K. After this move, it could then rise again to retest the $81K–$82K area, forming the right shoulder of the H&S pattern. In this scenario, the decline could easily extend down to the 200-day SMA, currently around $73K. In the same area, we also have the 50% Fibonacci retracement level, located around $71K. You can see this in the chart below: Either way, a pullback of this magnitude in BTC would certainly create an excellent opportunity to accumulate more coins at lower prices. This is not investment advice, just my personal take on BTC. What do you think about this possibility? Leave your comment, hit the rocket button, and follow me here! See you next time!