BTC – Inverted H&S

Bitcoin is still facing a price correction after hitting a fresh all time high on October 20th above $67,000. The correction is bearing fruit as an inverted head and shoulder pattern is formed on the 4-hour time frame and what more is, a positive breakout has already taken place as in the chart. If the Head and Shoulder Pattern is respected, we can see a rise of up to 12% near $72,000. The support below was tested by the bears but the rally resumed soon after. Strengthening the support, Bitcoin is rising higher slowly and may break the previous high soon.