RATE Group | All Eyes on Potential Inverse Head and Shoulders Pattern as Bulls Fight Back
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All Eyes on Potential Inverse Head and Shoulders Pattern as Bulls Fight Back

27 Nov All Eyes on Potential Inverse Head and Shoulders Pattern as Bulls Fight Back

Posted at 21:03h in Bitcoin News by

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Bitcoin’s position within the lower-$7,000 region has been ardently defended by the cryptocurrency’s bulls over the past several hours and days, with the crypto’s overnight drop into the upper-$6,000 region being met with significant buying pressure that allowed BTC to post a sharp bounce to highs of $7,400.

It is important to note that this recent movement has further confirmed the notion that BTC is currently forming a bullish inverse head and shoulders pattern, but analysts are noting that the crypto needs to decisively break above $7,500 in order for a massive bullish rally to commence.

Bitcoin Bounces from Upper-$6,000 Region, But Finds Resistance at $7,400

At the time of writing, Bitcoin is trading up roughly 2% at its current price of $7,285, which marks a notable climb from its daily lows of $6,800 that were set last night during a sharp sell off.

The fact that this downwards movement was met with significant buying pressure confirms that this price region is a strong…

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