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Bitcoin Price Prediction Daily: Inverted Head-And-Shoulders Pattern in Action

  • The completion of the right shoulder is expected to result in a sustainable uptrend.
  • BTC/USD still has room for improvement despite the correction from the highs at $5,500.

Following the sudden slide yesterday, Bitcoin found support at $4,960 (on Coinbase) before reversing the trend above the critical $5,000 level. Bitcoin bulls, not ready to give up pulled the price above the 12-day Exponential Moving Average (EMA). The upside was, however, is capped below $5,050. The sideways trading that followed did not last long as the price broke above the 20-day EMA paving the way for more correction to the upside. BTC/USD brushed shoulders with $5,100 before retracing back to the current price at $5,077.

Bitcoin Price Prediction
Bitcoin Price Prediction Chart Source: TradingView

The inverted head-and-shoulders pattern

The 1-hour chart shows the formation of an inverted heads and shoulders pattern. The pattern is usually associated with a bullish reversal following a downtrend that has found support. The…

Read Full Story : Coingape

2019-04-12 15:15:25

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