We have an inverse head and shoulders formation in the weekly TF.
+ Also, the bottom levels of the right inverse shoulder are very near to the fibonacci golden pocket.
+ Looking healthy on the 20 Weekly MA
+ Finally, we are above the long downtrend that now provides solid resistance for the future.
- Take a look at the similarities here. That little rise in the end of 2011-beginning of 2012 is pretty much identical to the one that we are having right now.
- The last and the only time BTC touched 200MA, it never went back to test it until December 2018, which was the bottom of the last bear market
As we can see, bitcoin is still bouncing inside this giant triangle with a lot of movement inside. I think that right now there is a big possibility for bitcoin to go down and test the 9K level in order to bounce and continue the re accumulation phase until the last months of 2019.