fbpx
Skip to content Skip to sidebar Skip to footer

This Bitcoin IH&S Pattern Could Send It to This Price Target?!

The latest price movement of Bitcoin (BTC) after PayPal’s crypto integration sent the cryptocurrency bellwether through $12K and $12.5K resistances. The rise above $13K now leads to a bullish pattern forming in a weekly timeframe.

Crypto price analyst and Youtuber, the Moon Carl has pointed out that Bitcoin is currently forming the Inverse Head and Shoulders (IH&S) pattern. The expert claims that breaking out from this pattern can send BTC to retest the all-time high at $20K soon.

He further explained that if Bitcoin is able to close the weekly candle above the neckline (in white) the breakout target would be as high as $19,700.

The IH&S pattern is a bullish pattern in contrast to the normal H&S pattern which happened earlier with Yearn.Finance (YFI) that sent it down to $12K when broken down. 

Read more: YFI Price Looks Bleak – A Break Down from H&S Pattern Imminent?

However, this bullish pattern sometimes leads to a fake-out where price surges above the neckline and falls back down. To have a clear weekly candle close above the neckline is vital before entering the trade.

You may also want to read: Bitcoin Rallies After PayPal Takes on Cryptocurrency Payments in Historic Shift Towards Digital Assets

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us