The price of Bitcoin has formed a bullish pattern before the current rebound..
The price of Bitcoin has been slowly forming a very bullish chart pattern before the current rebound.
It has also surpassed the exponential moving averages (EMA) for 50 and 100 periods, indicating that bulls currently dominate the market. All oscillators, such as the Relative Strength Index (RSI) and the Stochastic Oscillator, indicate a price increase.
Most importantly, Bitcoin has formed an inverse head and shoulders pattern. Therefore, it is likely that the currency will continue to rise, with bulls targeting the next key resistance level at $88,585, which is the neckline.
Any movement above this level will indicate further gains, potentially reaching the psychological level of $90,000. Conversely, any move below the support level at $84,000 would invalidate the bullish outlook.
