Bitcoin Key Moment: Continuation or Failure to the Downside

Taking a look at Bitcoin's daily chart, we can see that the price action is re-testing the lower triangle support. This $9,000 area is also a strong support area. If the price can hold, we could have a pop to the upside an keep the continuation triangle alive. However, a failure here should send us well into $8k. While this would be a short-term bearish move, it very well could set up a bullish inverse head an shoulders pattern to take us beyond $14k.