BitcoinLong
BTC/USD
Bitcoin is still stuck in consolidation for yet another day, but bulls are finding hope in the fact that price was able to hold its head above $4,100 again. Besides, another attempt to break past the near-term resistance appears underway.
Recall that bitcoin created an inverse head and shoulders on its 4-hour time frame and this is a classic reversal signal. A break past the neckline at the $4,400 mark could be enough to confirm that a longer-term climb is in the works, possibly lasting by the same height as the chart formation.
At the same time, price is consolidating inside a somewhat symmetrical triangle formation whose breakout could also provide clues on where price might be heading next. Note that the triangle spans $3,200 to around $4,500 so the resulting move could be of the same height.
Recall that bitcoin created an inverse head and shoulders on its 4-hour time frame and this is a classic reversal signal. A break past the neckline at the $4,400 mark could be enough to confirm that a longer-term climb is in the works, possibly lasting by the same height as the chart formation.
At the same time, price is consolidating inside a somewhat symmetrical triangle formation whose breakout could also provide clues on where price might be heading next. Note that the triangle spans $3,200 to around $4,500 so the resulting move could be of the same height.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.