Bitcoin: Inverse Head-and-Shoulders Eyes Higher Targets
Bitcoin at $64623.31 eyes higher targets on inverse head-and-shoulders completion, with 4h chart showing EMA50 support at $63858.74 and MACD golden cross.
SourceAnalysis
Bitcoin trader @godbole17 questions how high BTC can fly if it completes the inverse head-and-shoulders pattern now forming on the charts. At $64623.31 the 4h structure remains bullish as price holds above the EMA50 support at $63858.74 and the EMA200 at $63647.1, while the MACD golden cross at 235.79 confirms trend strength and RSI at 62.7 leaves room before overbought conditions. Price is pressing the upper Bollinger Band at $64870.54, so a brief retracement to the 50-EMA looks probable before continuation higher in this BTC price prediction setup and Bitcoin technical analysis scenario.
Omkar Godbole, MMS Finance, CMT
@godbole17Staff of MMS Finance.