We have seen some interesting Price Action on the BTC Chart over the last few days which has raised more questions then answers for sure.

Let's look at the Chart and see if we can make any sense of it all:

• Once the Price dipped below the 0.618 Fib Level, BTC was ready to move lower and that's exactly what happened. (no surprise there)

• Then we have seen a bounce from 6.5K resulting in a Reaction Rally (13%), but it quickly got capped by the same Fib Level and by the Resistance Zone right above it.

At the moment the Price is hovering just below the Resistance Zone, but most importantly, the Price Action what we have seen so far could have created an Inverse Head & Shoulders pattern which is most visible on the 4 Hr Chart.

Now, this is still developing as we speak, so it would be foolish to make any predictions on where the market will move, but if the Price manages to break above the Neck-Line we could see some volatile moves to the upside.

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EliteElliott Team