- 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.
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