Bitcoin has created a very nice 'Head and Shoulders' chart pattern. If this chart pattern's measured move is hit, price-action will have found its way above 72.000 USD. While not visible on this timeframe, the daily MACD has just regained its positive momentum. This could be an indication that the bulls are just getting started, and the remaining supply at the old all-time high level will soon be absorbed. This would then let BTC/USD enter price-discovery again!
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Considering that head and shoulder is a reversal pattern and not a continuation pattern I see a much bigger head and shoulders pointing downwards.
Left shoulder peak 58'522 / head 61'823 / right shoulder where we are now. Right shoulder and head could also form a double top on the daily chart.
Left shoulder peak 58'522 / head 61'823 / right shoulder where we are now. Right shoulder and head could also form a double top on the daily chart.