Besides the bearish sentiment in the market, the obvious bear trend we are in, missing momentum and volume in BTC, there is still a chance to see an inverse H&S building up with a break out to the 7850 USD level.
If we bounce / grind up from here we have a beautiful inverse H&S formig which would be very bullish. Measuring the the distance of the neckline to the Head and adding this to the neckline we could see a break out to around 7850 which also coincides with the trendline which is building since Jnauary this year with 3 touchpoints so far.
Further positive indicator is the Stoch RSI which crossed over on the weekly. So far we have seen mostly a ~1.3 ratio between the "bear weeks" and the "bull weeks" this would even indicate a higher bounce >8000 USD.
All a big if and there is still the possibility that we break the current shoulder line and resistance around 6000 USD which would probably result in a sell off and bring us probably close to the anticipated 5000 USD mark.
@serviceleads, good point thanks - I still need to work on my wording. What I wanted to say is: I have the impression that a majority of marketplayers anticipate a drop to the 5000 USD level. Which in my opinion is a viable option, as we did not yet have a major capitulation candle and we are still making lower lows and lower highs.