Looking at the 4-hr chart, BTC had a crazy pump today. I was watching the hourly which hit 96 on the RSI! With the price hitting $3700, we have an inverse head and shoulders setup. And since the RSI has to cool off, we should see the right shoulder start to form as it does. The first test will be the current upper boundary of the downtrend. Rejecting at this trend would most likely mean the bears are still in control. But breaking this trend would be a really good sign that the bulls are in control and would take us to the neckline. It's off to the races if we can break the neckline. I set the IHS (Inverse Head and Shoulders) target at ~$4050 given the height of the head from the neckline. But I think BTC really needs to cool off first before moving on up again. So in the meantime, I will be looking for BTC to find support around the $3500 area between the .5 and .618 retracement levels.
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