Bitcoin holds H&S support, bounces to $61.4k
Bitcoin looks to regain poise during overnight trade having avoided a short-term bullish-to-bearish trend change with the help of a crucial support level.
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The top cryptocurrency is trading near $61,400 at press time, representing a 1.4% gain on the day.
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While prices fell by 4.3% on Tuesday, sellers failed to break the support level near $59,800 and confirm a head-and-shoulders (H&S) breakdown on the 4-hour chart.
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Chart analysts consider H&S breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside.
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A potential H&S breakdown on the 4-hour chart would expose support to near $54,000.
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Resistance is seen at $63,700 (Oct. 25 high). A higher break could take bitcoin to record highs.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
