Dear traders, looking at the 2 hour chart you can see that bitcoin has been forming a textbook inverse head and shoulders pattern since setting its high on the 26th of June. However its worth noting whilst it is forming an inverse head and shoulders pattern since its break out of the rising wedge it has been setting consistent lower highs during the formation of this head and shoulders pattern. However it can be seen to be using the previous resistance from the rising wedge as support and if this was to break in the bearish scenario it is likely we would see bitcoin fall down to ~$10,500 - $10,000 level where we would see support again from the bottom of the rising wedge. However in the bullish case bitcoin is still faced with resistance prior to making a break out at the ~$11,700 level. Right now it looks more likely that bitcoin will try turn bullish at the time of me writing this the MACD on the 2 hr time frame has recently turned positive. However please note i'm not a financial adviser and any investments you make should be at your own risk.