Bitcoin Forms Inverse Head-and-Shoulders Pattern with Eyes on Higher Targets

Bitcoin's price action is currently forming an inverse head-and-shoulders pattern on its charts, according to a trader known as @godbole17. This technical setup suggests that the cryptocurrency could continue higher in the near term.

As of now, Bitcoin's 4-hour chart structure remains bullish, with the price holding above both the EMA50 support at $63858.74 and the EMA200 at $63647.1. The MACD golden cross at 235.79 is also a sign of trend strength.

However, @godbole17 notes that the RSI reading of 62.7 leaves room for the price to move higher before reaching overbought conditions. Additionally, Bitcoin's price is currently pressing against the upper Bollinger Band at $64870.54, which may lead to a brief retracement to the 50-EMA before continuation higher.