RATE Group | Bitcoin Price Flirts with Breakout But May Not Yet Have Bottomed
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Bitcoin Price Flirts with Breakout But May Not Yet Have Bottomed

03 Dec Bitcoin Price Flirts with Breakout But May Not Yet Have Bottomed

Posted at 02:36h in Bitcoin News by

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bitcoin price analysis

The bitcoin price on Sunday surged as high as 7.28 percent against the US dollar ahead of the US session.

The BTC/USD rate is trading at 4158-fiat at press time. The pair is almost completing the formation of an inverse head and shoulder pattern. Its neckline appears more like a near-term falling trendline, capping the strong upside movements lately. The latest jump in BTC/USD has affirmed what bulls are attempting to break at this point. Breaking above the neckline level sets up a run towards 4500-fiat. The resistance level is psychological at best, and its invalidation could also confirm an extended upside action towards 5000-fiat.

bitcoin price
BTC/USD 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

As of now, traders can wait for BTC/USD to close above the neckline in hopes to validate if the breakout is valid or false. This strategy can allow traders to go long towards their respective near- or long-term upside targets. Alternatively, traders can also place a limit order at or just below…

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