- A right shoulder is forming on the daily chart, suggesting a potential bullish reversal.
- A break above $108,369 may propel Bitcoin toward the $130,000 mark, driven by chart-based momentum.
- The $103,081 level continues to act as a strong support, holding off further declines despite a 2.3% drop in price.
The price of Bitcoin fell 2.3% to $104,963 in the last 24 hours. However, traders are now following its movement closely. The current price drops come at a key moment for the cryptocurrency. The chart shows a clear pattern forming. Notably, this pattern highlights a potential move toward all-time highs.
Right Shoulder Formation Points to Breakout
According to a chart by analyst CryptoJelleNL, the daily Bitcoin price pattern shows a right shoulder forming. The shoulder is part of a well-known pattern called the “inverse head and shoulders.” Furthermore, this pattern often forms when prices consolidate after a drop signals a potential turning point, with the right shoulder offering insight into future price movement.
The chart suggests a possible move toward all-time highs if the right shoulder completes and buying momentum builds. A break above the $108,369 resistance could push prices toward $130,000, based on technical formations visible on the daily chart. This potential move may reflect growing trader confidence in a recovery.
Key Levels Under Watch as Bitcoin Tests Reversal Zone
Meanwhile, the support at $103,081 plays a key role in this pattern. Furthermore, this base has kept prices from falling further during the drop. The formation of the right shoulder signals a potential reversal from this level. Importantly, this highlights how traders are using these points to gauge future movements.
If BTC falls below the $103,081,the next support level will be at $101 or even $100. However, with the resistance at $108,369, a break above the level will lead BTC to trade above $110 or above $120.
Final Thoughts
In conclusion, Bitcoin’s current price action is drawing increased attention as a key bullish pattern forms on the daily chart. The developing inverse head and shoulders signals a reversal, with important support of $103,081 still intact.
A breakout above the $108,369 barrier would open up a rally to $130,000, reflecting renewed optimism in the trader base. But if the support is broken, risk is down to $101. With sentiment riding on these levels, market players are following closely for verification of the pattern, which may be a turning point in Bitcoin’s direction and rekindle momentum towards new all-time highs.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed