A widely followed crypto analyst says that Bitcoin (BTC) could be printing a massive bullish reversal pattern.
The pseudonymous trader Cheds tells his 372,300 followers on X that Bitcoin may be forming a rare head-and-shoulders pattern that marks the end of a correction.
“BTC bullish hopium – compound fulcrum bottom forming on daily.”
In technical analysis, a compound fulcrum bottom is a reversal trend when a head-and-shoulders complex pattern forms, having multiple heads or multiple shoulders, after a sustained downtrend.
Legendary trader Peter Brandt has highlighted the compound fulcrum bottom in various historical charts, including copper in the 1970s that led to a doubling of the metal’s value over 14 months.
Cheds also predicts that Bitcoin will have a massive breakout if it can convincing flip $76,000 into support, a level that last acted as resistance in March.
“BTC $74,500 and pushing toward range peak. Breakout at $76,000.”
Bitcoin is trading at $74,527 at time of writing, flat on the day.
Next up, the analyst says that Ethereum may enter a bullish trend if it can break through resistance at $2,400, a level ETH rallied toward last month before correcting.
“ETH now working on broader range breakout circa $2,400.”
Ethereum is trading at $2,331 at time of writing, down 1.4% in the last 24 hours.
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