Bitcoin May Be Building for a Major Bull Reversal

Bitcoin price could create a major bullish technical pattern in the next few days, technical charts indicate.

The short-term bullish bias has become invalid following BTC's close below the 10-day moving average yesterday.

BTC could end up creating an inverse head-and-shoulders pattern if the bears fail to penetrate the immediate support of $6,000 in the next couple of days.

BTC's drop to $6,260 yesterday left another lower high on the daily chart.

The short duration charts indicate BTC will likely defend the support at $6,000.

The RSI is already reporting oversold conditions and another 300 dollar drop would only make it hard for the bears to push BTC below $6,000.

A long-term bull reversal would be confirmed if BTC bounces off the support at $6,000 and sees a high volume break above $6,832.

The probability of BTC completing the inverse head-and-shoulders pattern remains high as long as prices are holding above $6,000.

View BTC's close below 10-day MA yesterday has neutralized the immediate bullish outlook.

A high volume rebound from $6,000 would help BTC chart an inverse head-and-shoulders bullish reversal pattern.