BTCUSD broke above the 4H MA200 for the 1st time since May 12!

It is indeed an important development as not only did it break above this key MA for the first time since May 12, but Bitcoin is also at the highest price level it's been since May 26. What I am interested at on this idea is to know which pattern you think the price will follow (since the Channel Down displayed in dashed lines was invalidated with this break-out) as this development is creating new patterns.

I think the general outlook appears to be fairly symmetrical since the May selling and this is why I am illustrating it in such a way. As you see I've identified two potential Channel Up patterns (blue and Green which is wider) adding a Fibonacci extension perspective on this in case the price action turns parabolic.

At the same time I cannot overlook a potential Cup & Handle pattern, which could materialize if today's high holds and rejects the price and turns it sideways until it forms the handle. Once completed this can initiate a strong rise sequence, as C&H patterns usually do.

What's your opinion on this? Which pattern do you think BTCUSD will follow from now on? Feel free to add on the comments section any you think I am missing on this chart.


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