Following yesterday’s BTC price analysis, we saw Bitcoin correcting down marking a daily low around the $3700 support line. From there, Bitcoin had returned to the $3800 area, where it’s trading as of writing this.
We talked about such option of a correction which was necessary since the 4-hour chart Stochastic RSI oscillator had crossed over on the overbought area.
As can be seen on the following 30-min chart, Bitcoin made another Bart formation:
As long as Bitcoin won’t go below the $3500 support area, the possibility for an inverse head and shoulders pattern is still alive: in the case of breaking up the neckline around $4200, we could expect targets around the $5000 area.
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