Massive Time for Bitcoin! Will We Break Out Up or Down?

Hey guys, we really are at a pivotal point for Bitcoin I believe.

If you look at my chart below, which is the 60-minutes chart for Bitcoin vs the US Dollar (BITMEX), we can see that price did break out of that upper trendline (which I drew based on the 4-hourly chart) but it was a fake out! Does this mean that we are going to break out to the downside? I really don't know but I am hoping we break out to the upside of course! Take a look:

One thing I can be sure of is that today is going to be one of the biggest days for Bitcoin since the descent from around the $20,000 level.

Below I have posted an image of the zoomed-out, 4-hourly chart to show you guys where I have drawn the falling trendline incase you are not sure what I based that line on:

So, which direction do you guys think we will breakout in, to the upside or to the downside? I personally believe we are going up because of all the volume associated with this current up-move and it wasn't too vertical/unsustainable (for Bitcoin at least).

I do, however, believe we are due some sort of retracement of this up-trend (if it is a new up-trend) because we really haven't had any significant down-movement since $5,900!

Edit: Was talking to someone online and they pointed out a possible inverse head and shoulders pattern, which could spell a decent down move to maybe $9,250 to form the other shoulder and then bullish longer term to maybe $17,000, as shown here:

Edit 2:

Here is my Elliot Waves Count, which actually goes well with the inverse head and shoulders pattern:

Thank you for reading guys and I wish you well in your crypto trading/hodling endeavours :)

Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.