After the correction from $20k down to $6k, Bitcoin rejected the uptrend trendline as well as 76.4% Fibonacci retracement level. The following wave up was very sharp and strong, resulting in almost 100% growth, where price hit $11775. Price went above the 200 Moving Average suggesting either a continuation of an uptrend or a range trading.
Price went down again and rejected the 8/1 Gann Fan trendline cleanly. This once again indicates that BTC/USD is not ready to go lower and could continue growing towards $17-18k area to complete the Head and Shoulders pattern.
On the other hand, daily break and close below current low, at $7666 could send price back to $6k to form a double bottom or even lower towards $4k support area.
Source: Read Full Article