We’ve been analyzing Bitcoin for a while now and in Bitcoin Surge Coming! Watch Out For This Bull-Flag. We predicted the bullish breakout of the bull-flag pattern. That played out perfectly.
And in Bitcoin Bullish Prediction Playing Out. Surge To $70k? we warned about a likely slow down in bullish momentum soon as Bitcoin builds momentum to continue rising.
Well, that price prediction is playing out exactly as we said. And right now the Bitcoin price just created new key support for Buyers to enter the market with.
This $55,616 support could become a strong base for bullish momentum to pick up from. This price pull-back also created an inverse head and shoulder pattern.
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Bullish Head And Shoulder Pattern
This inverse head and shoulder pattern is a bullish trade setup, and a price break of the neckline confirms the pattern completion.
The target for the price break of the inverse head and shoulder pattern is the $70,000 price region, confirming our bullish bias and our $70k price target.
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If you are looking for more trading ideas, you can check out the short Youtube video we made about Bullish pattern forming Ethereum price and how to take advantage of it.
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