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23.06.202119:50 Forex Analysis & Reviews: Bitcoin Bullish Reversal Pattern

Bitcoin has changed little in the last hours, so it could decrease a little to retest the buyers before jumping higher. The price has printed a bullish reversal pattern, BTC/USD could develop an upside movement soon.

The price of Bitcoin has signaled that the decline is over and that the bulls could take full control soon. In the short term, BTC/USD could move sideways trying to attract more buyers.

BTC/USD Upside In Cards!

Exchange Rates 23.06.2021 analysis

Bitcoin has registered only a false breakdown with great separation below 30,066 static support and under the S2 (28,764) signaling that the downside is over.

It has come back above the descending pitchfork's upper median line (uml). It could slip lower to retest the S1 (32,174.59) before developing a strong leg higher.

Bitcoin Outlook!

The pin bar (Hammer) signaled that the price of Bitcoin could give birth to a new swing higher. A temporary consolidation could bring new long opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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