The recent price action of Bitcoin may be larger than it appears.
As the broader market is filled with uncertainty, a classic head and shoulders bottom pattern seems to be forming. The Bitcoin daily chart may be in the early stages of forming the right shoulder of an inverse head and shoulders pattern, which is a bullish formation that usually indicates an upward trend after a period of consolidation. If this pattern forms, it could serve as a springboard for the next round of significant upward movement.
However, before that, the price may drop to the support level of $90,000 to $95,000 before a more explosive breakout can occur.
As the broader market is filled with uncertainty, a classic head and shoulders bottom pattern seems to be forming. The Bitcoin daily chart may be in the early stages of forming the right shoulder of an inverse head and shoulders pattern, which is a bullish formation that usually indicates an upward trend after a period of consolidation. If this pattern forms, it could serve as a springboard for the next round of significant upward movement.
However, before that, the price may drop to the support level of $90,000 to $95,000 before a more explosive breakout can occur.
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BTC
104,000.01
+0.77%