BTC/USD Technical Analysis: Perfect textbook technical pattern is very close to being in play
- Bitcoin trades 2.26% higher today as crypto sentiment improves.
- A close above 7,400 will bring the inverse head and shoulders into play.
BTC/USD 4-Hour Chart
The head and shoulders pattern is one of the most famous in technical analysis.
Now it seems on the 4-hour chart BTC/USD is forming a perfect one.
If the price breaks and closed above 7,400 that will trigger a potential upside target of between 8K and 8,200.
With the head and shoulders pattern the target is based on the pattern length.
And the 11.87% pattern length would take it slightly higher than projected on the chart to 8,257 but as there is a consolidation zone close the target has been adapted.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
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