BTCUSD – THIS PATTERN COULD LEAD BITCOIN TO NEW ATH

BTCUSD – THIS PATTERN COULD LEAD BITCOIN TO NEW ATH

Bitcoin / U.S. dollar BITSTAMP:BTCUSD


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Hello traders investors and community, as BTCUSD shows some good bullish momentum and volatility I made an interesting observation which I share with you today.
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In the last bull run, BTCUSD formed an inverted head and shoulders with a confirmation on the support level of the head. You can see it in my chart marked with the green box.
Normally the target of this pattern is the percentage length from the top of the head to the neckline, BTCUSD made double of this length projected from the head to the top of bitcoins bull run.
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When looking on the daily chart , BTCUSD could exactly form this inverted head and shoulders in big format as seen in my chart, with confirmation above the last top at 13800.
We have strong support between 7900 and 8000, when we visit this area again it is highly possible that we test it as support again, the same as BTCUSD bounced several times in the 10000 area.
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This pattern can be taken into consideration when BTCUSD comes back to the support area and establishes to hold the 7900 – 8000 range as support and form bullish momentum.
When the pattern confirms and makes a clear confirmation above the top of the last bull run, the target between 24000 and 25500 will be intact, that would be a new all-time high for BTCUSD .
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For this scenario, it is important to hold the 7900 to 8000 range as support otherwise when we fall under this level new lows could be possible.
A look at price action in the range should be taken into consideration before making any decision.
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Thanks for watching! May you have a good day and of course all trades going well! For more market insight feel free to support!
The information provided is for educational purposes only and should not be used to take action in markets.
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