Is a Bottoming Pattern Forming for Bitcoin? Path Opening to $76K?

The Bitcoin price has been going sideways since the beginning of June. Could this potential accumulation period be coming to an end? Will a possible bottoming pattern help the Bitcoin bulls to rally the price all the way up to $76K? 

$BTC price topping out? Another lower high?

Source: TradingView

In the short term time frame it has to be admitted that the $BTC price looks as though it may be topping out at the confluence of the top of the descending channel and the $64,360 horizontal resistance level. Most shorter term momentum indicators have reached, or are reaching their top limits, so it might be expected that the price starts to make its way down from here.

Problematically for the bulls this would mean yet another lower high in a series of such that goes back to the last local peak on the 21 July. If the bull market trendline and the horizontal support at $62,250 don’t hold, a plunge down to $60K could be next.

Inverse head and shoulders pattern forming?

Source: TradingView

The daily time frame illustrates a huge possibility for the bulls. An inverse head and shoulders pattern may be playing out. Given that the $BTC price is potentially at a bear market bottom, if this pattern does complete, it would have a good chance of sending the price up to the full extent of the measured move to $76K. The drawn-in path with the arrow shows a possible route to the neckline of the pattern and beyond. 

… Continue reading the full article at the original source below.