Bitcoin (BTCUSD): Return Of The Bull?
Updated
Previously, I identified a bullish Inverse H&S Pattern, which targeted the $2200 area. It worked out to our benefit: 
The upward momentum continued with price breaking out of the pitchfork boundaries. The short-term trend has turned neutral from negative. I've changed the wave labels from A-B-C to W-X-Y correction, which is more accurate and, more important, suggests higher prices ahead. From a classical charting point of view, there is a potential for H&S Top pattern to form. For this, price should go up to $2760 level. Either way, bullish setiment is expected set in. That being said, I wouldn't be surprised to see a pullback below $2200 as a natural correction after the sharp rise of the last couple of days. Key price levels are drawn on the chart.
The upward momentum continued with price breaking out of the pitchfork boundaries. The short-term trend has turned neutral from negative. I've changed the wave labels from A-B-C to W-X-Y correction, which is more accurate and, more important, suggests higher prices ahead. From a classical charting point of view, there is a potential for H&S Top pattern to form. For this, price should go up to $2760 level. Either way, bullish setiment is expected set in. That being said, I wouldn't be surprised to see a pullback below $2200 as a natural correction after the sharp rise of the last couple of days. Key price levels are drawn on the chart.
Note
Price hit the $2760 target. New ATH is due.
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