Bitcoin Price Prediction Daily: Inverted Head-And-Shoulders Pattern in Action

bitcoin price prediction

Bitcoin Price Prediction Daily: Inverted Head-And-Shoulders Pattern in Action

  • The completion of the right shoulder is expected to result in a sustainable uptrend.
  • BTC/USD still has room for improvement despite the correction from the highs at $5,500.

Following the sudden slide yesterday, Bitcoin found support at $4,960 (on Coinbase) before reversing the trend above the critical $5,000 level. Bitcoin bulls, not ready to give up pulled the price above the 12-day Exponential Moving Average (EMA). The upside was, however, is capped below $5,050. The sideways trading that followed did not last long as the price broke above the 20-day EMA paving the way for more correction to the upside. BTC/USD brushed shoulders with $5,100 before retracing back to the current price at $5,077.

Bitcoin Price Prediction
Bitcoin Price Prediction Chart Source: TradingView

The inverted head-and-shoulders pattern

The 1-hour chart shows the formation of an inverted heads and shoulders pattern. The pattern is usually associated with a bullish reversal following a downtrend that has found support. The completion of the right shoulder is expected to result in a sustainable uptrend. In case, BTC/USD to correct to $5,200 (resistance congestion).

Meanwhile, the 12 EMA is offering support at $5,059.66. The up trending market will have more weight if the 12 EMA can cross above the 20 EMA. The moving average convergence divergence (MACD) in the same 1-hour range is moving north from the lows of -60.84 to the current level at -11.95. These indicators show that the market has a bullish bias in the short-term and buyers are gaining traction against the sellers.

Bitcoin Price Prediction
Bitcoin Price Prediction Chart Source: TradingView

The daily timeframe shows Bitcoin still trend upwards following the triangle breakout at the beginning of April. In fact, BTC/USD still has room for improvement despite the correction from the highs at $5,500.  The 12 EMA is offering immediate support while the 20 EMA at $4,732.14 is playing catchup. The MACD has started trending lower but is still comfortable in the positive zone at +327.

Bitcoin Price – Key Technical Indicators:

12-day EMA: $5,000

20-day EMA: 4,732.14

MACD daily: +327

Support 1: $5,050

Support 2: $5,000

Support 3: $4,732.14

Resistance 1: $5,100

Resistance 2: $5,200

Resistance 3: $5,500

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Bitcoin Price Prediction Daily: Inverted Head-And-Shoulders Pattern in Action
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Bitcoin Price Prediction Daily: Inverted Head-And-Shoulders Pattern in Action
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The completion of the right shoulder is expected to result in a sustainable uptrend. BTC/USD still has room for improvement despite the correction from the highs at $5,500.
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John Isige 90 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Follow him on Twitter at @jjisige

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John Isige 90 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Follow him on Twitter at @jjisige

Follow John @