Bitcoin has recovered to $ 7,500 and may rise even higher

On Wednesday, November 27, the price of bitcoin first fell below $ 7,000, after which the rate recovered to $ 7,500. Thus Thus, an inverted head and shoulders figure was fully formed on a 4-hour chart.

This is a good signal for the bulls, but the overall picture of the market remains bearish. With sufficient strength of buyers from the current level, the BTC rate can rise to the upper boundary of the downward channel, where it will meet strong resistance first at $ 8,300 and then at $ 9,200.

Only in case of overcoming both resistances can we talk about the return of bitcoin to growth. Failure resistance testing will return the price to the lower border of the channel by $ 6,500 with a possible fall towards $ 5,000.