If you'll take a look at the 1D chart of the BTC/USD pairing, you will see a possible Inverse Head and Shoulder pattern forming. If completed, this may signal a bullish reversal and could lead to a breakout once the 12000 level is reached. However, if it fails to complete the IH&S pattern BTC could continue trading sideways in consolidation or allow the Bears to push it lower.
Either way, for now it seems as if the Bulls are gaining some strength back after a Bearish few months leading up to CNY.
Either way, for now it seems as if the Bulls are gaining some strength back after a Bearish few months leading up to CNY.