FxWirePro: BTC/USD trades choppy above minor bull flag on low volumes, any break above $4200 confirms inverse head and shoulder pattern
Thu, 03 Jan 2019, 11:16 am UTC
BTC/USD is consolidating after forming a bottom around $3122. The pair jumped nearly $1000 from level. It is currently trading around $3842.
In the 4 hour chart, BTC is holding slightly above bull flag but consolidating in a narrow range on account of thin volumes. The pair has formed almost an inverted head and shoulder pattern and any close above $4200 in 4-hour chart confirm bullishness. Any violation above $4200 (neckline resistance and 300- H EMA) will take the pair to next level till $5000/$6000 in short term.
On the lower side, major support is around $3550-$3600 and any break will take the pair till $3200/$3000.
It is good to buy above $4200 with SL around $3580 for the TP of $5800/$6200.
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