Cryptocurrency

Bitcoin exchange rate Formation speaks for a soon-to-be BTC price from 16,500$ or more

In this Bitcoin price analysis, we want to focus on the technical analysis of the Charts. More precisely, it should go to chart pattern, suggest that we could soon experience a significant increase in the BTC price.

We look at the daily Chart of BTC, we recognize that there is an inverse head and shoulders has formed Formation. Admittedly, it is an ugly specimen of his species, however, it is not about the appearance but what’s in them. More specifically, the potentially subsequent Performance said and agreed to, in principle, in this type of formation! Interesting for us is that here is already an outbreak is present, and the so-called Neckline has proven itself as a Support.

The inverse head-and-shoulders-shoulder Formation is a bottom formation. It is the bullish counterpart to the well-known head-and-shoulders Formation. It does not arise, contrary to the expectation of many at the end of a long, but short downward trend. The chart pattern has the characteristic low, consisting of the left shoulder, the head and the right shoulder.

However, it is as I said, not a pretty copy. Neither the volume pattern is still the lack of symmetry of the pattern speak for a Prime example of this Formation. Nevertheless, it should not be ignored, because the Performance could considerably be.

But before we come to speak of the fact – once again – an unusual volume curve, which is rather atypical for this Formation, it can alert the Trader to caution. But it is also not a reason to leave the pattern on the left. The only fly in the ointment is the high level of reliability of Formation, the power Failure is rare.

Read also: Bitcoin exchange rate to buy non-imaginable heights on the road & Square BTC for 1.500.000.000$

Bitcoin exchange rate just before the outbreak?

To calculate the minimum price objective of the Formation is very simple. You just have to of the lowest point of the “head” is a vertical line up to the neck line. This distance, projecting you to the breakout point on the neck line to the top. What you get from this, the minimum exchange rate target, which is in our case the Bitcoin exchange rate at around 16.500$.

Of course levels between the Bitcoin exchange rate and this minimum exchange rate target of significant zones, to be overcome only once, with the resistors 12,000$ 14,000$ yet. Should, however, succeed in the following days or weeks, a sustained break of the$12,000 a resistance zone, is likely to only there is still little doubt that the chances are high, that will take the Bitcoin course, the 14,000$-hurdle successfully.

The ascending triangle that is formed above the neck line of the inverse head-and-shoulders Formation out, moreover, that the chances are quite good that the Bitcoin exchange rate very soon, could leave up to$ 12,000 behind.

Here is the outburst, of course, remains to be seen, but if it occurs, could develop things rapidly and suddenly.

Read also: Bitcoin price Explosion by 200%? The report by octopus predicts flowery times for BTC investors

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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