Tracing Out Bullish Head-and-Shoulders For Rally to $120K
This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin may not have rallied on Friday’s dismal jobs data, which strengthened the Federal Reserve’s rate cuts, but all hope is not lost.
A shorter-duration chart reveals that BTC is forming a bullish inverse head-and-shoulders pattern – a classic reversal setup – suggesting a potential surge toward $120,000.
An inverse Head and Shoulders (H&S) is a bullish reversal pattern characterized by three troughs: a deeper central trough (the “head”) flanked by two smaller but roughly equal troughs (the “shoulders”). The pattern includes a neckline, which is a horizontal trendline connecting the peaks of price recoveries between the…
