Bitcoin price is struggling after failing to make it above resistance last month. Combined with the recent pressure on the crypto market applied by the US SEC, things aren’t looking great for bulls.
However, the correction has stopped precisely at a key level that could indicate a “throwback” is in process. If confirmed, BTCUSD could trade above $40,000 per coin in the near future.
A Closer Look At The Technical Bottom Formation In Crypto
The study of technical analysis uses past price history to predict probabilities in future market movements. Certain patterns have been discovered time and time again, that produce reasonably replicable results. From the size or shape of the pattern, analysts can derive roughly how far the associated breakout should travel.
Bitcoin price action over the last year has formed what appears to be a technically flawless inverse head and shoulders pattern. The inverse head and shoulders is a bullish reversal pattern that appears at the bottom of a tre
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