Bitcoin TA: Bullish Inverse Head and Shoulders Pattern
The Bitcoin chart is currently exhibiting a bullish pattern known as the inverse head and shoulders. This pattern, which is the reverse of the regular head and shoulders, signals a potential upward price movement. The formation consists of three troughs, with the middle trough being the lowest (the "head") and the two side troughs being higher (the "shoulders"). When the price breaks above the neckline, which connects the highs of the shoulders, it often indicates a strong bullish trend reversal. Possible rally ahead if the neckline is decisively broken.
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