Bitcoin looks to have broken the ascending triangle (dashed blue lines) I mentioned yesterday. However, I missed an additional bullish sign with a short term inverse head and shoulders forming on the 4-hour chart (green triangles) that also had a neckline break earlier today (dashed green line).
When the length of this pattern is extended at the breakout (dotted green lines), it extends to $67K USD. This coincides with a Fibonacci extension from the $43K dip nicely so is a price for which to keep an eye out in my opinion, particularly if the upward channel continues (dashed blue lines). However, the larger head and shoulders neckline break (dotted yellow line) looks to extend to higher around $70K.
If the trend continues, I anticipate some resistance at $64K (due to longer-term inverse head and shoulder shoulder lengths), but it should be interesting if BTC is able to approach any of these higher resistance levels as well as what that might mean for ALTs if the trend continues over the next few weeks.
When the length of this pattern is extended at the breakout (dotted green lines), it extends to $67K USD. This coincides with a Fibonacci extension from the $43K dip nicely so is a price for which to keep an eye out in my opinion, particularly if the upward channel continues (dashed blue lines). However, the larger head and shoulders neckline break (dotted yellow line) looks to extend to higher around $70K.
If the trend continues, I anticipate some resistance at $64K (due to longer-term inverse head and shoulder shoulder lengths), but it should be interesting if BTC is able to approach any of these higher resistance levels as well as what that might mean for ALTs if the trend continues over the next few weeks.