Crypto Analyst Predicts Potential Bullish Reversal Pattern as Bitcoin Secures $40,500 Level
Renowned crypto analyst Cheds, followed closely by 322,600 enthusiasts on X, foresees a potential bullish resurgence for Bitcoin (BTC).
Initially predicting a positive signal if BTC surpassed $40,500 while trading below $40,000 last week, Cheds now suggests the emergence of an inverse head and shoulders pattern (I-HNS), with $40,500 becoming a crucial support or forming the right shoulder. This technical formation implies bullish momentum, indicating a willingness among buyers to accumulate without waiting for prices to dip to previous lows, notably around $38,600. Cheds anticipates a breakout if Bitcoin manages to surpass the $42,300 resistance level.
As of now, BTC is trading at $42,278. Additionally, the analyst closely monitors Solana (SOL), indicating that it has breached short-term diagonal resistance, emphasizing the need for SOL to solidify its breakout by converting the next resistance at $103 into support.
Clever Robot News Desk 30th January 2024
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