BTCUSD is currently consolidating below 8450 after last week's impressive surge out of key support. Though we've had no follow through thus far, pair has held up nicely since, with buyers keenly defending 7800 against a confirmed H&S topping pattern on Wednesday:
The false bearish break bolsters the case for continued strength and bulls will now be looking to take out Sunday's high of 8460, marked by the 38.2 Fib at 8450:
I'm looking for a break above 8450 in the coming sessions and this would open up the path to a key resistance hurdle in the 9000-9250 zone, marked by the 50% of the decline from 11 000 at 9070:
I think it is very likely we see a correction there as a larger Inverse Head and Shoulders reversal pattern takes shape:
I'll be trading in line with this view - holding long for 9000 where I'll take profits and look to buy back in lower down for the eventual move back towards 11 000 (and hopefully beyond!)