could Bitcoin bounce here to form Head & Shoulders pattern?

A brutal technical indicator just surfaced on the bitcoin chart, after a brutal plunge to the 6200 level, and today a sharp bounce back toward the 6800 shoulder level.

The bitcoin chart is now in a "must win" scenario. If it falls now, the breakout will be considered failed, and the downtrend will continue as expected toward 4XXX USD.

But if it manages to hold the recent gains, perhaps moving up a little more, it will touch the 6800 level, which would form the other shoulder on the chart.

From there, it would STILL be in a must win" situation. If it doesn't move up again, the full head-and-shoulders pattern will complete, and an accelerated collapse to $4000 would be almost a given.

Maybe that's just how I see it, anyhow.

Ultimately, there will be a recovery, and new highs.

DRutter