Short Term Bullish Pattern Developing

BITCOIN’S PRICE ACTION HAS BEEN QUIET ON THURSDAY, BUT A BULLISH TECHNICAL PATTERN IS BUILDING.  The price action from 8/7 through today has produced a potential inverse Head & Shoulders pattern.  We’ll need a break above the most recent highs (6,620) for this to officially trigger.  An uspide break would then target 7,300.

Again, we’re not there yet, but as noted yesterday, getting back above 7,000 is important to void a larger BEARISH formation.