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Bitcoin Price Analysis: BTC to re-test $ 49,200, reverse H&S formation

 تاریخ انتشار :
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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis shows that the market is moving downwards.
  • If the support continues, Bitcoin will test the resistance of $ 49,000 again.
  • Strong support is currently $ 48,535.

Bitcoin price analysis shows that the king of cryptocurrencies is under a lot of downward pressure. In the last 24 hours, the price had dropped to $ 47,235, but the king recovered quickly. Further analysis shows a head and shoulders reverse pattern in the BTC / USD price chart. The reverse head is an uptrend, and if the current support at $ 48,535 continues, the King will probably try again at $ 49,200 and beyond.

Bitcoin Price Analysis: BTC is H&S Reverse for $ 49,200 retest 1
5-day BTC / USD price chart. Source: Commercial View

Bitcoin Price Analysis: The 1-day chart shows promising elements for cows

The chart of one-day candlesticks shows promising elements for fast ascending movement and will be ahead in the coming hours. The Bollinger Bands and Moving Averages now act as strong support points for cryptocurrencies. The average Bollinger Bands are $ 46,863 and the Moving Average is $ 48,253.

Bitcoin Price Analysis: BTC makes up $ 49,200 to reverse H&S 2
1 day BTC / USD price candlestick chart. Source: Commercial View

In addition, the fluctuations in the given scenario gradually decrease and the cows try to overcome the dominant market trend. The upper bouts featured two cutaways, for easier access to the higher frets. At the time of writing, King of Cryptocurrencies is trading at $ 48,952. The Relative Strength Index (RSI) has 63.59 points, which is much lower than the overbought level and provides ample opportunity to form an uptrend.

The BTC / USD price on the 4-hour candle chart reaffirms the uptrend

In the four-hour candlestick chart, the king of cryptocurrencies further confirms bullish opportunities. The fluctuations are also much less than the 1-day chart but still more than the previous day. The high value of the Bollinger Band is at $ 50,665 and the lower value is at $ 47,407. The mean and moving average of the Bollinger Bands also act as strong support points in the four-hour chart. The average Bollinger Bands are $ 49,306 and the Moving Average (MA) is $ 48,365.

Bitcoin Price Analysis: BTC re-tests $ 49,200 to form H&S reverse 3
4-hour candle chart BTC / USD price. Source: Commercial View

The relative strength index still offers ample opportunity to form an uptrend with a score of 53.94. A score below a good buy area is too much and provides a good opportunity for buyers to take the lead in trading and change the table in their favor.

Conclusion Bitcoin price analysis

Three different patterns of bitcoin price analysis show that the king of cryptocurrencies remains on the $ 49,200 mark before the re-test. The king appears to be breathing heavily after the beating, before retesting the psychological barrier. The head-to-shoulder reverse pattern is of tremendous value in the future uptrend, while the analysis of the 1-day and 4-hour geranium charts also reveals promising elements for cows to control price charts.

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