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Bitcoin Price Chart Turns Bullish, What Does This Mean for BTC/USD?

Bitcoin Price Chart Turns Bullish, What Does This Mean for BTC/USD?

2019-11-27 19:30:00
Peter Hanks, Analyst
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Bitcoin (BTC) Price Chart Forecast:

  • Bitcoin has continued to slip since last week, testing the area beneath longstanding support
  • However, an inverse head and shoulders pattern on the 4-hour chart could suggest gains are ahead
  • While the near-term outlook has turned bullish, the longer-term downtrend may remain intact

Bitcoin Price Chart Turns Bullish, What Does This Mean for BTC/USD?

After suffering weeks of losses, the outlook for Bitcoin may have just turned bullish with the formation of an inverse head and shoulders pattern. Employing a band of support from May as the neckline, brief probes beneath $7,000 have created two shoulders and a head – creating an almost textbook formation of the bullish indicator. Since inverse head and shoulder patterns typically denote a bottom, Bitcoin could enjoy a brief respite from its longer-term downtrend, but it becomes a question of how far, and for how long, Bitcoin bulls will push the cryptocurrency – if at all.

Bitcoin Price Chart: 4 - Hour Time Frame (November 11 – November 27) (Chart 1)

bitcoin price chart bullish

Given the distance between the top of the neckline and the head, it could be argued the formation may drive Bitcoin as high as $8,100 – but this is far from certain. Further still, traders typically look for a surge in volume to accompany the initial break above the neckline, an aspect that could have been stronger in this particular instance. Still, amidst a bleak outlook, the formation should be a welcome sign for believers in the largest cryptocurrency by market cap.

That being said, I still maintain my bearish bias for the coin’s medium-term outlook. To that end, Bitcoin’s presence beneath support that I previously highlighted at $7,000 and $6,500 – albeit brief – speaks to the continued strength of bears. While bears and bulls battle it out, follow @PeterHanksFX on Twitter for Bitcoin news and analysis.

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Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Top Retail Stocks to Watch Ahead of Black Friday

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