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.