BTC:POTENTIAL INVERSE HEAD AND SHOULDER FORMATION!!
Updated
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Bitcoin (BTC) Update:
BTC is forming a bullish inverse head and shoulders pattern on the daily timeframe. The price is currently attempting to break above the neckline, which could signal a significant price increase.
Here's what we're watching:
Confirmed breakout: A clean break and close above the neckline is key for this pattern's validity.
Price target: If the breakout is confirmed, we could see a rally of 20-25%, potentially reaching 85k-90k.
Let me know your thoughts in the comments below!
If you're enjoying this analysis, a thumbs up and follow would be greatly appreciated!
Bitcoin (BTC) Update:
BTC is forming a bullish inverse head and shoulders pattern on the daily timeframe. The price is currently attempting to break above the neckline, which could signal a significant price increase.
Here's what we're watching:
Confirmed breakout: A clean break and close above the neckline is key for this pattern's validity.
Price target: If the breakout is confirmed, we could see a rally of 20-25%, potentially reaching 85k-90k.
Let me know your thoughts in the comments below!
Note
We saw a 4.6% rejection recently on BTC. Currently, it is holding support at 68k and a bounce back is likely expected from here.
We will keep you posted according to the market scenario.
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