BTC bullish scenario

I know everyone is talking about the possible formation of a head and shoulders pattern ( bearish indicator). However, BTC is starting to show a bit of bullishness as well.

Take a look at the downward trend marked with a green line. Then take a look where BTC does a nice little breakout (marked on the chart with an arrow). For this to be a true breakout BTC will have to rise above the horizontal line on the chart. This will effectively negate the right shoulder of the possible head and shoulder pattern.

BTC could still go either way. It could follow the head and shoulders pattern. However, there is also the possibility of a rise with this latest break out. Something to keep an eye on.


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