BitcoinShort
No, there is no bull run just around the corner
I have been pretty sceptical about the whole bull run idea for bitcoin for a while after it failed to break over 10K and won't change my mind until we first break through 10K and then establish higher highs beyond 11.7K.
Right now we can see several strong bearish signals on the 4 hour chart including a pretty clear H&S pattern, selling volume spike and negative divergence on macd. If BTC can't hold around it's current level and reverse quickly then the H&S price target and next support level is around $7900 which may be followed be a retest of a long term trendline and support around $6700, which would present some great buying opportunity. On the other hand a strong bounce off $7900 would result in a large inverted H&S on the daily chart and would be a good indicator of a possible bull run.
Right now we can see several strong bearish signals on the 4 hour chart including a pretty clear H&S pattern, selling volume spike and negative divergence on macd. If BTC can't hold around it's current level and reverse quickly then the H&S price target and next support level is around $7900 which may be followed be a retest of a long term trendline and support around $6700, which would present some great buying opportunity. On the other hand a strong bounce off $7900 would result in a large inverted H&S on the daily chart and would be a good indicator of a possible bull run.
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