Bitcoin Inverted Head and Shoulders - Breakout or Fake Out?

Bitcoin, at press time, seems to have held the support it put in at $10,800 USD and looks like a breakout may be imminent, it is still too early to say for sure, however should this inverted head and shoulders (IHS) play out, the target (based upon the measured move from the IHS) would place Bitcoin around $14,000 USD.

Note, Bitcoin has not broken above the $12,000 USD resistance level at press time, the current volume is quite low and Bitcoin has still not fully reset it's major indicators, this would suggest that this move may not be sustained and further consolidation may be on the cards

In order for this move to be supported, watch for strong volume and a decisive break above the outlined resistance (orange area), don't get too caught up, wait for confirmation and strong accompanying volume.

Comment:

At this point, i would not put much faith in this move, yes it is possible we continue to hit the prior near term high ($13,800 USD), but if we do, i would imagine we would see quite a severe rejection at that point.

My thinking is that this move was a breakout from a symmetrical triangle, as this move was a measured move from the triangle (in the circled area, with dotted trends forming the triangle).

At this point, i would not put much faith in this move, but i will continue to watch it carefully.