On the 5th of march a inverse head and shoulders pattern was completed on the 4hr Bitcoin chart. Upon completion BTC has had a downward trend that has not yet invalidated the pattern. The inverse head and shoulders only becomes invalid if BTC goes below the top of the head. This shouldn't happen as there will be a large volume of buys just before the $6000 level to complete a double bottom reversal pattern. The combination of these two patterns will confirm the $6000 level as support and should push BTC back to the level of the neckline of the inverse h&s before finding its next resistance. The MACD has had a bullish crossover but it wont last for long as there is not enough volume behind it. Look for the MACD to have a bullish crossover just above the $6000 level to confirm a bottom. The RSI is heading to over bought again but will come down closer to the $6000 level ready to push back up. The downward channel is also causing problems for this most recent push. BTC has closed above it but is starting to head back below again now. The Best Buy zone is going to be at the $6500 level.
