It's a safe bet that most trading desks see an inverted head and shoulder pattern developing in Bitcoin. That interpretation can be accomplished by reading one technical analysis book. It's not to say a bullish resolution is not possible, but there's more going on in bitcoin analysis price and volume of the daily trend.
For starters, Bitcoin's trend is a composite of multiple, really infinite, fractal trends. We don't need to study them all - only 3 or 4 to develop the composite trend. The current inverted head and shoulders pattern doesn't even exist in the month or quarter charts.
Next, the flow of time is extremely important. This concept is left out of most TA books. Bitcoin is rallying because the weekly, secondary trend needs a reset; the cycle of time is extremely extended. What happens after the reset? We'll see. A downside resolution, however, is more a favorable outcome than a runaway rally to the upside. Why? The primary trend is still down and relatively young. This observation must be framed within the flow of leverage which the Matrix defines as distribution during consolidation or what many see as a rally. Distribution or accumulation is defined by DI (line 38, column J).