Bitcoin: Inverse H&S in progress and key levels to watch!


The eight-hour chart of Bitcoin shows that prices have been trapped in a pause mode following the sharp decline achieved by bears during the previous period. 

With that said, we do believe that Bitcoin is on its way to trace a reversal pattern (Inverse H&S) with a sloping neckline meeting the 4250.00-4280.00 regions. 

A break of 4280.00 will weaken SMA50 -colored in red- and will open the door up towards the technical target of the pattern at 5390.00.

On the contrary, a sustained breakout below 3470.00 will cause affirmed pattern failure. 

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