Possible short term triangle formation in BTCUSD that should terminate in the last leg down (E) before reaching a new high. This new high could very well also be the end of the initial phase of the trend change that started at the $3,000 bottom. Triangles tend to proceed the final leg in a trend.
Comment:
The probability of the triangle formation - A, B, C, D, E - has now increased with the failure of the 24 hour price action to break the upper triangle trend line.