I put together this chart to observe the attitude of the US institutional player in BTC market. Wether the price keep going down, go sideways or bounce, this week marks the beginning of a bear market that will last at least a year and half.
BTC price range is mostly within 11100 - 12000 since August, the bear trap and bull trap forms alternately. Personally I don't think there's an actual trend. The price needs to break out from this range to form a trend.
Volume has some breakthrough on the 1H chart, however not so much on the daily chart. Due to the current low liquidity in the spot market, it dosen't take as much volume as a couple months ago to create high volatility. We may need to reconsider the "high" and "low" standards for volume. Relative comparison is as important as the absolute value.
9187 is the neckline of the inversed H&S, also the 0.382 retracement level of 9792 - 8814.
If the neckline do hold and the pattern is validated, the 0.5 retracement level should also break, in that case, the trend for this week should be going upward.
The 9187 resistance level happens to be the neckline of the forming inversed H&S
On the 4H chart, for the last 3 bars, the price goes up while volume goes down.
