Bitcoin shows promise, but BTC needs to quickly get above $25K before the selling pressure kicks in.
. However, Edwards cautioned traders that the pattern could fail, hence it should not be used for building a trading or investment plan.
Could Bitcoin and the altcoins rise above their overhead resistance levels and start the next leg of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.The bulls propelled Bitcoin above the overhead resistance of $25,250 on March 14 but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.
If the bulls do not give up much ground from the current level, the possibility of a break and close above $25,250 increases. If that happens, the BTC/USDT pair will complete a bullish inverse head and shoulders pattern. That will signal a potential trend change. The pair may then sprint toward $32,000.
If bears want to slow down the bullish momentum, they will have to quickly pull the price back below the moving averages.
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