BTCUSD closed at a 9 day high on Monday, but Bulls were unable to capitalise on Tuesday with pair set to finish the day down:
Pair remains stuck in consolidation, with the Inverse Head and Shoulders neckline highlighted in my previous post capping the pair's advance. A 4 hour close above the neckline is needed to confirm the reversal pattern and open up the path to 9950/10000:
Initial support is Tuesday's low of 8313, followed by the ascending trend-line above 8080. A break below there would put pressure on the 61.8 Fib at 7600, with weakness below there calling the reversal into question.
Note: Fib levels have changed slightly from my last post as I noticed my historical Fib had anchored to $350 rather than 0. Tradingview does not actually allow me to anchor to 0 and I didn't realise the parameter had reverted to $350 before hitting OK. As such, the historical Fib is now anchored to 1 and Fib levels are ~correct with a margin of error less than $1
The terminal range between the neckline and ascending trend-line is steadily shrinking and a resolution in either direction is imminent. Bias remains higher, holding long until invalidated.