Bitcoin price continues to struggle between the $9300 to $9400 price levels. Crypto Patel, a crypto analyst on TradingView, suggested that the BTCUSD pair might form an inverse head and shoulders on its charts.
1-Day Bitcoin price analysis (19th June)
Bitcoin Price Chart by Trading View
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BTC price reached above the $9400 level at noon. At the time of writing, the BTCUSD pair was observed at $9303.51 US Dollars.
Bitcoin price; inverse head and shoulders?
Crypto Patel, a TradingView analyst, has highlighted an inverse head and shoulders pattern on the BTCUSD chart.
Bitcoin Price Chart by Trading View
The analyst believes that Bitcoin is heading towards forming an inverse head and shoulders on the charts. As per the idea chart above, the pair has formed the left shoulder and the head of the pattern; the price will now move towards forming the right shoulder. In this case, there are two upcoming patterns for Bitcoin, given that this idea plays out.
For the first scenario, the cryptocurrency will move downwards and possibly break through the first support shown in the chart above. Support 1 lies at $7561, while the second support lies at $6438. If BTC price moves down to Support 2, the first half of this right shoulder will be completed.
As for the second scenario, the cryptocurrency will move upwards after completing the first half of the right shoulder. In order to completely form the inverse head and shoulders, BTC price will rally across the $10000 mark. The price can be observed, reaching $16250 in this case.
There is also a major resistance at $9700.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
