BTC Forms Bullish Inverse Head-and-Shoulders Pattern Targeting $120,000
Bitcoin (BTC) Analysis
- Friday's poor jobs data did not lead to a BTC rally.
- A bullish inverse head-and-shoulders pattern is forming, suggesting a potential rise towards $120,000.
- This pattern consists of three troughs: a deeper central trough (head) and two smaller troughs (shoulders).
- The neckline resistance for this pattern is at $113,378; a breakout above this level would indicate a reversal from downtrend to uptrend.
- Currently, BTC appears to be forming the right shoulder of the pattern.
- If BTC drops below $107,300, the bullish pattern will be invalidated, shifting focus to 200-day simple moving average support near $101,850.
