I believe that the drop from 20k to 5,8k formed corrective Waves.
If that's the case, we can expect impulsive waves higher.
Furthermore, BTC seems to be forming an inverted H & S pattern.
If Bitcoin manages to breakout the neckline (around 11,3k), 17k is a likely scenario.
Hard to say when exactly, but for sure not immediately.
If the breakout fails yet again, I expect a healthy retrace to the 0.618 FIB level, which would be around 8,2k.
What concerns me for the most part is the low .
We need fresh money coming in, if we want a proper breakout towards the upside.
Feedback is highly appreciated
Potential H & S forming on the 5 Min. Chart.
RSI is showing a bearish divergence as well.
If H & S plays out, a retrace to the 0.5 fib level (10,7k) can be expected.
You need to adjust to the market behavior.
Check my new idea: