A Head and Shoulders pattern seems to be forming on the 15min chart. Price needs to break above the upper trendline in purple and the bull is back on or close above the left shoulder to break the pattern. Otherwise we may see more downside.
Comment:
H&S pattern looking more realistic. If it breaks the 44975 channel, I can see support around the Feb 28 low or the 50MA on the daily as that area is where it seems to be converging. A bounce up off of that support level could carry this back towards the purple trendline. A break below the 50MA could take this down to the Jan peak.
Trade closed: target reached:
Price broke above the purple trendline, retested and bounced off (bullish). Looks like BTC will head higher. Resistance should be 51.6-52.5K which is the head of the pattern.