A trader by the name of Crypto Rover shared his latest technical analysis for Bitcoin (BTC) in a YouTube video yesterday. In the video, he warned that a “dangerous” bearish head and shoulders pattern has formed on BTC’s 12-hour chart. According to the trader, this bearish chart pattern suggests that BTC’s price could fall in the coming few days.
Crypto Rover added that BTC is currently trading in the downtrend established on the larger time frame charts, after BTC’s price set a lower low in the past few days. As a result, the trader’s downside target for BTC’s price is at $24K. On the other hand, he also set an upside target for BTC at around $32.5K if there is a break toward the upside.
BTC/USDT 12-hour chart (Source: TradingView)
Crypto Rover stated that a confirmation of BTC’s price soaring to $32.5K will be when it breaks above the upper bound of the current consolidation pattern. On the other hand, a break below the base of the current head and shoulders pattern will cause BTC’s price to drop to the aforementioned $24K mark.
Lastly, Crypto Rover also forecasted that BTC’s price will experience a vast amount of volatility today as a result of the Federal Open Market Committee (FOMC) meeting taking place later today. He believes that this volatility will continue for the next few days.
At press time, BTC was changing hands at $28,628.56 following a 1.91% gain over the last 24 hours, according to CoinMarketCap. BTC also strengthened against Ethereum (ETH) by 0.21% during this time.
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Source: Cryptocurrency - investing.com
