HomeContributorsTechnical AnalysisBTCUSD Bullish Pattern May Be Forming

BTCUSD Bullish Pattern May Be Forming

Bitcoin has moved sharply higher alongside the broader cryptocurrency market, with the BTCUSD briefly trading above the important $3,500 level. After finding a price floor just above the $3,100 level, the BTCUSD pair may be in the process of forming a bullish inverted head and shoulders pattern. Despite the recent rally, a minor technical correction lower towards the $3,300 level cannot be ruled out.

The BTCUSD pair is short-term bullish while trading above the $3,600 level, key resistance is now located at the $3,800 and $4,000 levels.

If the BTCUSD pair fails at current levels, sellers may test towards the $3,300 and $3,250 support levels.

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