Bitcoin Eyes Close above $14,000, According to Textbook Technical Indicator  

Chiman Singh

Bitcoin 4 years ago
1 QCP
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A textbook technical scenario brewing inside the bitcoin market could send its prices above $14,000.

Crypto analysts highlighted earlier this week the potential formation of an Inverse Head and Shoulder (IHS) pattern. Investopedia defines it counter, which is called Head and Shoulder Pattern, as a “reliable” indicator in predicting an asset’s bullish-to-bearish trend reversals. Therefore, its inverse version appears bearish-to-bullish to crypto traders.

That typically means that bitcoin could first crash towards the low established earlier by the Left Shoulder. The fall could be anywhere between $7,800-8,054. Then, the same area could serve as support to attract more buyers, leading to an upside retracement towards the IHS’s neckline of $10,190.

https://www.newsbtc.com/2020/03/07/bitcoin-eyes-close-above-14000-according-to-textbook-technical-indicator/
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