Bitcoin is still under unconfirmed Head and Shoulder Pattern

What's in this article

The week closes bearish today and there wasn’t much movement seen.  Does that mean Bitcoin will spend another week ranging in the 40s?

Bitcoin price today is $40,879.67 USD with a 24-hour trading volume of $23,127,945,070 USD. Bitcoin is down 1.93% in the last 24 hours, with a market cap of $773,650,615,667 USD. It has a circulating supply of 18,925,068 BTC coins.   

Source: Tradingview

Bitcoin: Analysis

Bitcoin’s head and shoulder pattern is still in place as Bitcoin is making a base above $40,000. As seen in the above daily chart, Bitcoin stands far below EMA 20 which depicts it’s highly bearish. However, RSI shows that the downwards trend is exhausting. Still, if Bitcoin breaks below this support level, it will trigger a huge bearish rally because of the Head and Shoulder pattern. Bitcoin has support at $34,000, fib 1.272 and resistance at $52,000, fib 0.618.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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