Sometimes inverting a chart helps to see patterns more clearly.
I've inverted the BTCUSD daily chart, and the head-and-shoulders pattern becomes more visible.
Does this chart look bearish? Indeed it does, which is bullish for bitcoin.
The neckline is at $12k. A sustained break above this level has a target price of $17k.
It would likely take a month for this pattern to play out, which is around May 1st.
On the downside, we'll want to continue watching the $9k level which is the top of each shoulder.
I've inverted the BTCUSD daily chart, and the head-and-shoulders pattern becomes more visible.
Does this chart look bearish? Indeed it does, which is bullish for bitcoin.
The neckline is at $12k. A sustained break above this level has a target price of $17k.
It would likely take a month for this pattern to play out, which is around May 1st.
On the downside, we'll want to continue watching the $9k level which is the top of each shoulder.