Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern?
Bitcoin Price Key HighlightsBitcoin price appears to be forming an inverse head and shoulders pattern on its 1-hour time frame.This is considered a classic reversal signal and if confirmed, price could pull up from its earlier drop.Technical indicators are also reflecting the presence of bullish momentum.Bitcoin price might be forming an inverse head and shoulders pattern as it moves to test the neckline soon.Technical Indicators SignalsThe 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is now to the upside. This adds confirmation that the uptrend could carry on from here, possibly enough to take bitcoin price past the neckline at the $6,600 level.If so, bitcoin price could climb by around $1,000 since this is the height of the inverse head and shoulders reversal pattern. RSI is also pointing up to signal that buyers are taking control of price action from here.
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