We still need the violation above the descending trendline resistance covering the most recent and previous highs, but breaking above it may trigger more upside momentum for bitcoin, validating one inverted head and shoulders with default projections around 8907.41 - the 200% fib extension.
Projected at 1562 and above the monthly fractal resistance - one eventual bearish crab pattern extended at 161,8% fib extension.
The pattern formation will suggest a retracement which may put the price trading back to the 38% fib projected at 15173 ( back to the weekly resistance now as potential support ) and the golden fib as a second target...
Weekly chart (2):
We have the major fractals adjusted, with the monthly resistance now positioned at the previous highs at 1557, few points above the default projection for the cup and handle formation printed below, and the monthly support also adjusted at 1266, the handle.
Starting the week trying to recover the previous trendline...
"We can identify three different patterns between 74.777 and the most recent 4h fractal resistance forged at 75.674.
The ( orange ) bearish shark pattern, the bearish butterfly pattern ( blue ), and the three drives reinforced by the 4h fractal resistance.
Default targets for the harmonic patterns between 74.177 and 73.504, the 38% fib retracement...
Weekly and daily fractal resistances positioned at 97.44 with support at 96.67;
Targets for the eventual inverted head and shoulders at 99.14;
Bearish shark patterns projected at the default fib extensions, between the 161.8% and 224% fib levels, with the 224% projected right at the monthly fractal resistance, forming another symmetrical behavior, very...
Gold/silver also trading a potential fib reversal at 224%.
Let's see how Silver will perform now trading a crucial resistance price zone between trendlines, horizontal and fractal resistance and the formation of the pattern now rejecting the 224%.
The default target for the cup and handle formation projected at the monthly fractal resistance forged at 66.46, the bearish gartley pattern, if forged, should force a retest of the broken fractal, and the eventual bearish crab pattern projected 98$.