Bitcoin price appears to be forming an inverse head and shoulders pattern as it moves to test the neckline soon.
The 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. Stochastic is also on the move up to confirm bullish pressure, but this oscillator is also nearing overbought levels. Turning back down could bring selling pressure in.
Bitcoin (BTC) is up 0.94% over the past 24 hours and is currently trading at $6,476.00 on Coinbase. BTC dominance is at 52.4% and the total cryptocurrency market cap is currently at $213 Billion.
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