Bitcoin battles new 2023 highs for the U.S. dollar amid limp BTC price performance.
BaroVirtual uploaded a daily chart snapshot to X, showing a potential head and shoulders formation about to conclude.BTC/USD annotated chart. Source: BaroVirtual/X
That perspective chimed with others already expecting a return toward the $20,000 mark — something absent from the BTC price charts for six months.reappearance of the low $20,000s as part of a breakdown from a double top structure, now placed emphasis on holding current levels as support. “Bitcoin could downside wick into the ~$25000-$26000 area on this current move down,” he wrote in part of“But if ~$26000 begins to act as resistance then that could be a bearish contributing sign that the ~$25000-$26000 area is weakening as support. If BTC turns the ~$25000-$26000 area into new resistance, price would collapse somewhere into the ~$22000-$24000 region to find a Local Bottom ‘C.
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