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A long-term bull reversal (bear-to-bull trend change) would be confirmed if BTC bounces off the support at $6,000 and sees a high volume break above $6,832 (neckline resistance).

The probability of BTC completing the inverse head-and-shoulders pattern remains high as long as prices are holding above $6,000.

Bitcoin Price View

  • BTC's close below 10-day MA yesterday has neutralized the immediate bullish outlook.
  • The immediate support at $6,000 could be put to test in the next day or two, but the probability of a break below that level is low.
  • A high volume rebound from $6,000 would help BTC chart an inverse head-and-shoulders bullish reversal pattern.
  • A daily close (as per UTC) below $6,000 would boost the odds of a drop below $5,755 (June 24 low).

@peakdemand

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