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Bitcoin’s inverse head-and-shoulders pattern targets $76,000
CoinDesk says the daily-chart setup is unconfirmed, with $66,800 described as the neckline trigger and renewed weakness below the 50-day average noted as a watch item.
Bitcoin is showing a potential bullish inverse head-and-shoulders pattern on its daily chart, a technical setup that CoinDesk says, if confirmed, could point to a rally target near $76,000.
The pattern is described as three troughs, with the middle trough the deepest around $57,700 and the more recent bounce from roughly $62,500 forming the right shoulder after a left-shoulder low near $60,000 in early June. CoinDesk reports that connecting the interim rebound highs creates a neckline around $66,800, which is the level chartists watch for confirmation.
CoinDesk also notes that the setup is not yet confirmed and that weakness again below the 50-day average is a reason to monitor for renewed selling pressure. The outlet adds that technical pattern reads are subjective rather than exact science.
CoinDesk cites chart pattern expert Thomas Bulkowski, saying he ranks the inverse head-and-shoulders as a highly reliable bullish reversal setup, placing it 13th out of 39 for performance, and that it has an 11% figure referenced in the article text.
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