critical price: $7,700
trend reversal price: $8,000
two reversal patterns appear in BTC charts, Head-shoulder bottom, and Double bottom.
Head-shoulder Bottom:
Currently what appears to be the head-shoulder bottom is almost reaching at its neckline.
I strongly believe it is the correct and textbook head-shoulder bottom, with the volume confirming the pattern with lower volume in head than the left shoulder, and rally of the right shoulder is with greater volume than the head.
One skepticism is that the right shoulder's dip is with the greater volume than the previous rallies.
Since volume is crucial for confirming head-shoulder bottom, it is better to stay neutral until the price breaks the neckline (yellow) around $7,700
Double bottom:
second bottom is trading with greater volume, which gives more confidence to the pattern.
To complete the double bottom, It must break the price peak at $7,800 (brown)
Major bear trendline (thick red) is at $7,500
from this analysis, BTC's critical price range is around 7,700.
I am very confident that the bear trend will be reversed once BTC breaks $8,000.