Missed that inverted head and shoulders neckline breakout on bitcoin?
Price might still be in for a quick retest before resuming the reversal, so better keep your eyes on these support levels.
Bitcoin (BTC/USD): Daily
Bitcoin bulls have been on the retreat lately, but it looks like more buying energy could kick in at these Fibonacci retracement levels.
The 50% to 61.8% Fibs span an area of interest lining up with the broken neckline of the reversal chart pattern, so this might hold as a strong support zone.
To top it off, the 61.8% retracement at $24,100 coincides with a short-term ascending trend line and the 200 SMA dynamic inflection point.
The 100 SMA is above this slower-moving SMA to confirm that the path of least resistance is to the upside or that there’s a good chance the climb could carry on.
Stochastic is still heading south for now, so there might be no need to rush in a long position just yet. After all, bullish vibes could return once the oscillator starts pulling higher from the oversold area.
Once that happens, BTC/USD could set its sights back on the swing high at $31,200 and beyond!
How high do you think bitcoin could go from here?
