As BTC is squeezed between the 4H 20MA and the 4H 50MA, an Inverse Head & Shoulders pattern waits patiently to be fulfilled and propel price upwards towards $50k.
But BTC must first confirm the 20MA as support and then reclaim the 50MA. A failure at either could deflate bullish optimism and see prices fall, possibly to new lows.
We are in the midst of a critical time in the recovery of BTC. The rising trend in the RSI and MACD may provide some confidence and hope, however.
But BTC must first confirm the 20MA as support and then reclaim the 50MA. A failure at either could deflate bullish optimism and see prices fall, possibly to new lows.
We are in the midst of a critical time in the recovery of BTC. The rising trend in the RSI and MACD may provide some confidence and hope, however.
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But the price has to climb back above both, and rally to another higher-high for the upward trending channel to continue. A rise above $41k will confirm the iH&S and push price up to around $50k. At that point price would be challenged to confirm the 200MA as support and could be at an intermediate wave 3 high, so a pivot point for a correction towards $44k could be likely at that point.