Did you miss the breakout of the inverted head and shoulders neckline on bitcoin?
You'd better keep a watch on these support levels because price can still be in for a brief retest before continuing the reverse.
Bulls in bitcoin have recently been retreating, but it appears that near these Fibonacci retracement levels, additional buying energy may emerge.
The broken neckline of the reversal chart pattern lines up with the 50% to 61.8% Fibs, therefore this could function as a strong support zone.
To top it off, the 200 SMA dynamic inflection point and a short-term ascending trend line both cross at the $24,100 level when the 61.8% retracement occurs.
The 100 SMA is above this slower-moving SMA, indicating that the upward path is the one with the least amount of opposition and that there is a good possibility the ascent will continue.
There may not be a need to go quickly into a long position just now because stochastic is still moving south for the time being. After all, once the oscillator begins moving higher from the oversold position, positive sentiments may resume.
After there, BTC/USD might turn its attention back to the swing high around $31,200 and higher!
How far do you anticipate bitcoin to advance from here?
