Bitcoin price analysis: BTC/USD inverted shoulders pattern spotted as breakout looms
|- The SEC delays VanEck Bitcoin ETF proposal’s verdict by 90 days.
- BTC/USD surge above $8,200 is likely to place in a trajectory path past the recent highs at $8,384.
Bitcoin is currently leading the market in consolidation. The maturity of Bitcoin continues to surprise many. First, the crypto dipped to as low as $6,500 last week only to return to levels above $8,000 almost immediately. Secondly, the price ignored the recent delay of VanEck and SolidX’s Bitcoin exchange-traded fund (ETF) proposal for another 90 days by the Securities and Exchange Commission (SEC). The SEC said that price manipulation was still an issue and that it was within its mandate to postpone the verdict.
Bitcoin gave a blind eye to the decision by the SEC and stayed above $7,900. Besides, it has formed support at $7,800, $7,600 as well as $7,200. However, the upside has been capped at $8,000 with $8,200 being a critical breakout point.
In the meantime, the reversal from the $6,500 support coupled with the consolidation in the last few days, has formed an inverted shoulders pattern that is grinding near to a breakout. BTC/USD surge above $8,200 is likely to place in a trajectory path past the recent highs at $8,384 and eventually touch $9,000. Besides, the bulls have confidence that Bitcoin will hit $10,000 in the medium term especially if it can sustain the support at $7,800 - $8,000.
As far as the technicals are concerned, Bitcoin is poised for sideways trading in the coming sessions on Thursday especially if the fundamentals remain constant. The RSI is moving horizontally at 51.72 while the MACD is hugging the mean line. Both indicators are adding strength to the sideways trend.
BTC/USD 1-hour chart
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