RATE Group | Bitcoin (BTC) Price Watch: Is That a Reversal Formation?
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Bitcoin (BTC) Price Watch: Is That a Reversal Formation?

01 Jun Bitcoin (BTC) Price Watch: Is That a Reversal Formation?

Posted at 07:31h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price could be due for a reversal as an inverse head and shoulders can be seen on the 1-hour chart.
  • Price has yet to break past the neckline to confirm that an uptrend is in the cards.
  • Technical indicators are showing signs of a return in bullish momentum.

Bitcoin could finally be done with its slide as it forms an inverse head and shoulders reversal pattern on the 1-hour chart.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the selloff is still more likely to resume than to reverse.

However, the gap between the moving averages has narrowed enough to signal an imminent bullish crossover. Bitcoin price is also trading above these moving averages as an early signal of bullish momentum. From here, the 100 SMA and 200 SMA could hold as dynamic support.

RSI is pointing up without even hitting oversold levels, suggesting that buyers are eager to…

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