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The Bitcoin price broke out from an inverted head and shoulders (H&S) pattern. It reached the first minor resistance area before retracing near the breakout level. It is currently attempting to flip the resistance area into support and continue its upward movement towards $8000s.

The Bitcoin price had been trading inside an inverse head and shoulders pattern since September 22. Yesterday, it broke out and reached the first minor resistance area at $7750.

Currently, it is in the process of decreasing to validate the breakout level before presumably resuming its upward movement.

Due to the high volume on the breakout, it is possible that the Bitcoin price does not retract fully but, after making a higher low above the breakout level, continue its upward movement.

The current upward move began on November 25. The Bitcoin price has made three bullish candlesticks in a row, the third one being engulfing.

However, using the Fib levels, we can see that the price has not yet moved above the 0.5 level. Therefore, the current upward move should still be considered a retracement rather than the beginning of a reversal.

A look at the weekly chart shows that the Bitcoin price is at a critical point.

First, it is facing resistance from the 100-week moving average (MA). Initially, it seemed as if the 50- and 100-week MAs were making a bullish cross but the recent decrease jeopardized it and make a rejection likely.

If we manage to see a cross and flip of the resistance area, it would have major bullish implications. If not, we will likely see a lower low inside the channel.

To conclude, Bitcoin is either in a reversal or a retracement phase. The magnitude of the increase will go a long way in determining it. For now, we are leaning on a retracement since the price movement has yet to reclaim previously significant support levels.

For our previous analysis, click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Shutterstock, TradingView.

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