A Saturday treat - triple espresso!
!Warning - This is not Financial advice: Do not trade or invest based on this analysis!
Bitcoin continues to form a consolidation pattern between $9,000 and $12,000 and strengthens the case for an inverted Head and Shoulders (Inv-H&S) formation, with an ultimate price target of about $17,000.
This possible Inv-H&S pattern may not complete: it requires the price to pull-back a little further to the shoulder line (S/L) (~$9,000), break through the overhead downward trendline (red line) and then convincingly break the neckline (N/L) (~ $12,000).
The alternative (bearish) case is a bounce off the shoulder line (S/L), failure to break through the overhead downward trendline (Red) and then breakdown to previous support (which could be as low as $6,000).
Based on the recent change in On-Balance-Volume indicator (blue line chart), i.e. downtrend to uptrend (indicating increasing net accumulation) and the recent resilience of BTC at the overhead resistance level (@$11,000), i.e. the price hasn't collapsed, I favour the bullish case (caveat - this is not advice!).
But I'll keep an eye on it and report any developments that might change my bias.
Until tomorrow.
Bobby.
I am Bearish on bitcoin. Suld touch 6K sometime soon.
I can see why @pkshah. Guess we'll see over the next few days.