Bitcoin close to forming a head and shoulders pattern on its way to $58,000

bitcoin in front of computer

A mid-term projection of the Bitcoin chart shows that the cryptocurrency is close to completing a head and shoulders pattern if the present momentum is maintained. Data from Coinmarketcap shows that the cryptocurrency is currently trading at $30,662. The digital currency’s value is up by 0.7% in the last 24 hours. On the 7-day chart, it has gained 1.4%.

Its 24-hour trading volume is $13.66 billion. This is 8% lower than its volume in the past 24 hours. At the time of filing this report, the price of Bitcoin had reached an intra-day high of $30,900, but was unable to reach the $31,000 resistance due to the bearish pressure seen from the lower volume.

The BTC/USDT chart shows that the digital currency is still in bullish mode. The Moving Average Convergence Divergence indicator shows an uptrend. This was confirmed by the RSI indicator, which at 60, shows that Bitcoin is not yet overbought. The implication is that we will see higher prices in the coming hours and days. The recent price action has seen the coin form a solid base at $30,600. This is a good entry point for traders at the moment. An exit of $30,690 should be the target for short-term speculators.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.