Critical Formation in Bitcoin (BTC): Predicting the Future Direction of Prices
- Popular crypto trader Matthew Hyland has suggested the formation of an inverse head and shoulders pattern on the Bitcoin price chart.
- If confirmed, this popular technical analysis indicator could signal a continued rise for Bitcoin in the future.
- Crypto analyst and co-founder of CMCC Crest, Willy Woo, has also highlighted the critical importance of Bitcoin maintaining a short-term support level of $59,500 to sustain its bullish trend.
Bitcoin could be set for a continued rise if a popular technical analysis indicator, the inverse head and shoulders pattern, is confirmed on its price chart, according to crypto trader Matthew Hyland.
Analysts Highlight Key Levels for Bitcoin (BTC)
Matthew Hyland, a popular crypto trader, has suggested that an inverse head and shoulders pattern could form on the Bitcoin price chart. This pattern, if confirmed, could signal a continued rise for Bitcoin in the future. Hyland stated in a post on May 4th, “If we don’t directly break $67,500, it would make sense for something like this to form over the next month as a reversal of the bottom formation.”
Bitcoin’s Potential Rise
The inverse head and shoulders pattern forms when three troughs are created below a level referred to as the neckline resistance, with the middle trough (also known as the head) being deeper than the left and right shoulders. Bitcoin’s price began to recover from the “head” level of $58,614 on May 1st. If it continues in the mann... Read the full article for FREE at COINOTAG!
