- Bitcoin price is expected to hit $59,000.
- Bitcoin price is moving in a reverse head and shoulder.
- Strong support is found within the $57,300 range.
- Strong resistance is found within the $58,000 range.
Bitcoin tried to touch its all-time high at $60,000; however, it started on a downward trend after failing to test the price level. The downtrend is now transforming into a reverse head and shoulder movement signalling a likely bullish trend. The king of cryptocurrencies started off the day with its 24-hour high at $58,600 and moved towards the 24-hour low at $55,540. Bitcoin tried to test the resistance level once again but failed miserably. At the time of writing, Bitcoin stands at $57,563.
Even though the king of cryptocurrencies took a downturn, the market sentiment continues to be bullish. With an optimistic outlook, the technical indicators are giving out a buy signal. Nine of the total 26 technical indicators stand at a neutral position, while 14 stand at the buy position and three are at the sell position. The oscillators are neutral, and the Moving Averages are strong bullish.
Bitcoin price action in multiple H&S?
In a contrary analysis, analyst Vince Prince expects a long term head and shoulder formation on the Bitcoin price action chats. The H&S pattern had started forming since the end of February. With the right shoulder now fully complete, Bitcoin has started moving to the neckline of the formation. The price action below the ascending neckline has confirmed the validation of the H&S formation. However, the one day chart opposes the analysis.
Per the analyst, Bitcoin can be expected to continue moving down until strong support is established. The support zone identified by Prince lies in the price range of $51,000 and $50,450. If the cryptocurrency stabilizes in the region, it can start an upward trend towards the descending resistance line. However, if Bitcoin fails to stabilize in the support zone, it can enter the bearish continuation zone, where the price can be expected to fall as low as $46,850 before any real strong support is found.
Analyst Monero Mo, however, explains that the king is now entering super bullish momentum with two possible outcomes, both ending in bullish momentum. Mo explains that if the current bullish trend can maintain the $56,500 support level for the next 24-hours, the 25-day exponential moving average (EMA) would be confirmed and likely to push Bitcoin price pas the $60000 mark.
In his second scenario, Mo explains that even if the Bitcoin price retraced down to the $54000 level in the next 24-hours, the strong support level would serve as the baseline for a retesting bullish momentum. In this case, the king of cryptocurrency is likely to linger on for the next couple of days within the $54,000 and $57,000 range. This would provide a strong support line, and by the time the 1.6 billion USD worth of Bitcoin options expire, the king is likely to have hit $65,000.
Bitcoin price predictions are optimistic for a heavy bullish that would allow the king of cryptocurrency to run past the major trendlines displayed in the near future.