Idea from April 24: BTCUSD → Reverse Head & shoulders formation
Hello traders! Today, we're having an exciting day in the markets for Bitcoin. We have a clear figure of technical analysis Reverse Head & shoulders. The price has fallen in the last 4 hours and is currently testing the neckline of the figure which provides a convenient time to enter a BUY trade on these levels. It is still crawling above the jaws of the Alligator indicator, which plays the role of support.
It is important to take note of the next important price levels. The $68,500 area is the main resistance point that Bitcoin is about to face. Crossing this threshold could open the door towards the $72,000 target, which is not only a price milestone but also a big signal that the bullish trend will continue.
The resistance and support areas are as follows –
Resistance level: 68,500; 72,000
Support level: 61,000
It is important to take note of the next important price levels. The $68,500 area is the main resistance point that Bitcoin is about to face. Crossing this threshold could open the door towards the $72,000 target, which is not only a price milestone but also a big signal that the bullish trend will continue.
The resistance and support areas are as follows –
Resistance level: 68,500; 72,000
Support level: 61,000