Bitcoin price analysis: BTC to retest $49,200, reverse H&S forming

TL;DR Breakdown Bitcoin price analysis reveals a bearish momentum engulfing the market.Bitcoin to retest the $49,000 resistance if the support persists.Strong support is currently found at $48,535. The Bitcoin price analysis reveals that the king of cryptocurrency is under immense bearish pressure. In the past 24-hours price had fallen as low as $47,235, but the king recovered quickly. The analysis further reveals a reverse head and shoulder pattern forming on the BTC/USD price chart. A reverse head and shoulders is a bullish sign, and the king is likely to retest the $49,200 and beyond if the current support found at the $48,535 persists. BTC/USD price 5-day chart. Source: Trading View Bitcoin price analysis: 1 day chart reveals promising elements for bulls The one-day candlesticks chart reveals promising elements for the bullish momentum to gear up and take the lead in the hours to come. Both the Bollinger bands’ average and the moving average are currently serving as strong support points for the cryptocurrency. The Bollinger bands average is found at the $46,863 mark, while the moving average is found at the $48,253 mark. BTC/USD price 1-day candlestick chart. Source: Trading View Moreover, the volatility is gradually decreasing in the given scenario, with the bulls trying to overcome the dominating market trend. The upper Bollinger band is found at the $50,554 mark, while the lower Bollinger band is found at the $...