Bitcoin Bullish Pattern May Be Forming

December 18, OctaFX – Bitcoin has moved sharply higher alongside the broader cryptocurrency market, with the BTCUSD briefly trading above the important $3,500 level.

BTCUSD Technical Analysis

After finding a price floor just above the $3,100 level, the BTCUSD pair may be in the process of forming a bullish inverted head and shoulders pattern. Despite the recent rally, a minor technical correction lower towards the $3,300 level cannot be ruled out.

  • The BTCUSD pair is short-term bullish while trading above the $3,600 level, key resistance is now located at the $3,800 and $4,000 levels.
  • If the BTCUSD pair fails at current levels, sellers may test towards the $3,300 and $3,250 support levels.


This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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