Bitcoin: All Eyes on Potential Inverse Head and Shoulders Pattern as Bulls Fight Back

bitcoin investment trusted sites: Bitcoin’s position within the lower-$7,000 region has been ardently defended by the cryptocurrency’s bulls over the past several hours and days, with the crypto’s overnight drop into the upper-$6,000 region being met with significant buying pressure that allowed BTC to post a sharp bounce to highs of $7,400.

It is important to note that this recent movement has further confirmed the notion that BTC is currently forming a bullish inverse head and shoulders pattern, but analysts are noting that the crypto needs to decisively break above $7,500 in order for a massive bullish rally to commence.

Bitcoin Bounces from Upper-$6,000 Region, But Finds Resistance at $7,400

At the time of writing, Bitcoin is trading up roughly 2% at its current price of $7,285, which marks a notable climb from its daily lows of $6,800 that were set last night during a sharp sell off.

The fact that this downwards movement was met with significant buying pressure confirms that this price region is a strong region of support, and this could bolster BTC’s price action in the near-term.

Following this sell off, Bitcoin was subsequently rejected at $7,400, signaling that this is a strong level of resistance for the cryptocurrency. Further supporting this notion is the fact that this is the price at which BTC’s rally from its recent lows of $6,500 stalled.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes multiple technical factors are pointing to the possibility that the crypto’s recent lows will mark a long-term bottom, with a movement to $11,000 possibly being in the cards.

“$BTC: Stopped out short in profits. Forget my $6.4 call. Triple bottom on RSI. Wedge Apex. Heikin Ashi Doji. Bottom could be in and change of trend towards $11k COULD be in progress. Will update on daily close,” she explained in a recent tweet while referencing the chart seen below.

bitcoin investment trusted sites

The Cryptomist@TheCryptomist

$Btc

Stopped out short in profits
Forget my $6.4 call

Triple bottom on RSI
Wedge Apex
Heikin Ashi Doji

Bottom could be in and change of trend towards $11k COULD be in progress

Will update on daily close

bitcoin investment trusted sites

24812:21 PM – Nov 27, 2019Twitter Ads info and privacy56 people are talking about this

bitcoin investment trusted sites

Will Break Above $7,500 Catalyze Bullish Momentum?

In the near-term, the key level that analysts are watching is $7,500, as a decisive break above this level could confirm the bullish inverted head and shoulders pattern that BTC has been forming, potentially marking the crypto’s recent lows as a long-term bottom.

Galaxy, a popular cryptocurrency analyst on Twitter, concisely spoke about this level in a recent tweet, saying:

“Break $7500 and it’s showtime.”

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Galaxy@galaxyBTC

Break $7500 and it’s showtime. $BTC

bitcoin investment trusted sites

42712:43 PM – Nov 27, 2019Twitter Ads info and privacy102 people are talking about this

The next few hours and days will likely elucidate whether or not Bitcoin will continue to trade within its recently established trading range between $6,800 and $7,400, or if its bulls will step up and confirm the hints of bullishness that are currently expressed on its chart.

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