Bitcoin H&S Pattern – Growth Towards 17-18k?

After finding the low at $5900, the Bitcoin price went up breaking above the 200 Moving Average and then forming the head and shoulders pattern. Yesterday BTC/USD broke above the neckline trendline of the H&S pattern suggesting the continuation of the uptrend.

Bitcoin still is trading above the 200 MA, which could act as the support before the price goes up to either 76.4% or 88.6% Fibonacci retracement, that is $16600 and $18300 resistance levels.

The support is clearly at $9200, where the left and right shoulders were formed. If Bitcoin will break below the Moving Average, it could decline towards the $9200 support once again before moving higher.

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