Missed the Inverted Head and Shoulders Neckline Breakout on Bitcoin?
The price may continue with a quick retest before reversing, so it is best to keep your eyes on these support levels.
BTC/USD daily Planned by TV
The Bitcoin bulls have been on a pullback lately, but it looks like more energy buying could start at these Fibonacci retracement levels.
The 50% to 61.8% Fibonacci levels extend an area of interest lined by the broken neckline of the reversal chart pattern, so this could remain a strong support area.
Above that, the 61.8% retracement at $24,100 coincides with a short-term ascending trend line and the dynamic inflection point of the 200 SMA.
The 100 SMA is above this simple moving average to confirm that the path of least resistance is to the upside or there is a good chance of a continuation to the upside.
Stochastic is still heading south at the moment, so there may be no need for a rush into long positions just yet. After all, bullish sentiment can return once the oscillator starts to climb out of the oversold area.
Once that happens, BTC/USD could set its sights back on the swing high of $31,200 and beyond!
How high do you think bitcoin could go higher from here?