Will BTC see a reversal?
Updated
Bitcoin is forming an inverse head and shoulder pattern on a short time frame. Such patterns are often unreliable on short time frames, however, it is worth noting. The upper end of this patter is knocking at the 7400 zone. This level acted as support on Oct. 25 when the marked had an explosive rally. If we can overcome this level then sentiment should shift more bullish. However, if this holds as resistance it will be text book support flipped resistance in a down trend signaling more selling pressure on the horizon.
Keep an eye on it, oversold daily RSI + a reversal pattern such as head a shoulders is a good recipe for trend reversal or even just a countertrend rally.
Keep an eye on it, oversold daily RSI + a reversal pattern such as head a shoulders is a good recipe for trend reversal or even just a countertrend rally.
Note
Short-term target around the 8000-8100 zone (green bar)
Overcoming this resistance around 8000 would be a huge bullish signal.
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