Let's see what has happened since we called the formation of the Inverse H&S pattern:

• As soon as the Neckline has been breached BTC started to move up towards the Target of this formation creating a nice Short-Term Uptrend (Higher Highs and Higher Lows).

• Unfortunately, this Target (around 8K) has not been reached because the Price has got rejected right upon touching the lower end of the Resistance Zone (7800-8200) which is the biggest obstacle that lies ahead of BTC in the Short to Mid-Term.

• This rejection was powerful enough to send BTC back down and canceled the Short-Term Uptrend because it failed to hold the price up.

Now, this could be seen as Bearish, however, there is still hope for BTC because the Weekly Candle managed to close above the 0.618 Fib level and for the time being, BTC is trying to find Support around the previous Resistance Zone. This Resistance Zone has to flip into Support because if we lose it, the probability for BTC to create yet another Lower Low will increase significantly.

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