The BTC exchange rate yesterday showed a false breakout above the level of $101,903, but returned to the consolidation range. This range, let us remind you, is $98,433-$101,903. With an intermediate volume level of $99,481. It is $99,481 that has now served as support during the correction from the upper boundary of the range.
Since December 6, the price has potentially been forming an inverse head and shoulders pattern with a target around $110,000. This coincides with the targets of a stable uptrend for the asset according to our indicator on the two-hour and four-hour timeframes. To realize this scenario, the price should ideally remain above the 50 EMA on the four-hour timeframe, which is currently at $98,918. A breakout below does not break the pattern but indicates a threat of a breakdown. Overall, the volume range of $97,553-$98,433 remains important for support - including for this probable pattern.
Locally, on the hourly timeframe, #BTC currently has a downtrend with yet-to-be-reached base targets of $98,444 and $97,627. There is no confirmation with the body of the hourly candle above $101,302 or until the price returns to a stable uptrend on this timeframe - the asset is heading towards these targets.
