Bitcoin Reversal

So, although the down trend is not over, there is a possible chance of a bitcoin reversal. Right now it just went through its first inverted head and shoulder pattern. Although, it hasn't exactly distinctively broken through the neckline first, which is roughly around 6200, the price is holding above it. If it can distinctively break through that first, neckline of the inverted head and shoulder pattern, the next and one of the most important breaks will be around 6600. 6600 will be a key point because it is the current resistance of this downtrend, a break out above this would mean that this "mid-term down trend is over.

However, this longish term downtrend would not be over yet because it must break through the purple trendline for me to state that we are most likely in the clear. The purple trendline is the descending triangle and it has been the point of resistance since January. Volume looks only okay, it is better, but not at the capacity at which it used to be at.

Take Away:
IF bitcoin breaks through the light blue line on higher volume, I suspect that it will have price action similar to what I drew and the next trendline it would have to retest is the purple one.
IF bitcoin does not break through the price objective is 5500.

My Last Analysis:

Comment:

Currently, There is weakness on the smaller head and shoulder pattern, and the smaller head and shoulder did not break through the neckline exactly yet, but it has formed a symmetrical triangle on the daily candlestick. I believe that there is a slightly higher chance that the symmetrical triangle will break out to the upside.
In addition, it looks like it will be testing the trendling around 6400/6500 price level.

IF price breaks out of the triangle to the downside, then the price objective price is still 5500/5300.
IF price breaks out of the symmetrical triangle to the upside, expect a retest of 6500/6600.

Comment:

I also forgot to mention that the neckline of the this inverse head and shoulder is around 250 and it is sloping upwards which means that there was weakness in the downtrend at this step downward, which was one of the reasons why I believe that the symmetrical triangle will breakout to the upside.
However, the larger inverse head and shoulder pattern will be downward sloping, if it manages to break out of the blue trendline.

Comment:

I tried drawing something, and the only thing I could figure is a rising channel or an ascending wedge. Which has a bearish sentiment. However, both the bears and the bulls seem to be exhausting themselves and so there is a lot of sideways movement. I do not have an idea of what is going to happen other than more sideways movements which I had some concern of during writing this thread at the start, but I hadn't mentioned it. At the start, I suppose I was more excited with the bullish undertones that are occurring.

Comment:

I have drawn my second possible a symmetrical triangle, however, I think it is possible that it does continue to move sideways, the longer it moves sideways with mediocre buy volume, the more I think it will move down. However, because of the bullish undertones, I will say that there is still a higher chance that this will break out to the upside than to the down.

Comment:

Finally, it looks like there might be a small uptrend/retest on this bullish divergence! It currently looks like it is within a descending wedge and the current breakout point is marked with the orange arrow. Be cautious and be careful, it is still entirely possible that it goes down again due to the fact that we are still in a bear market and market price follows the path of least resistance, so there is a stronger opportunity for the bears until the market dictates otherwise.

Comment:

IT still needs to retest the trendline, otherwise, I would say there is a higher chance of the price dropping once again.

Comment:

A small bull flag is occurring, if it breaks out on the upside, I’d say it’ll be going up, if it moves sideways I’d say there is a greater chance of another drop.

Comment:

The trendline was broken and it is being used as support, it’s possible that there can be a recovery at this point, and if the the price breaks the descending triangle will mean that this is possible point of a trend reversal.

However, right now, it needs to break through 6500 and 6850.