Bitcoin Update 02-21

Looking at the chart from the last time, nearly a week ago now. Back then we talked about the inverse head and shoulders reversal fractal forming, which was validated and proceeded a very nice bull run up to 12k. We smashed through the two levels of resistance with nice momentum. We have nearly moved 100% since the lows of 6k, a very impressive move for Bitcoin in the span of a week. Let's take a look and see where we might be going.

The candle formation here at the top of the daily make me a little nervous. Although it's not perfect, it is looking very much like a shooting star formation. Confirmation would come if today's candle starts trading below the low of yesterday's candle, something that has not occurred yet because we're still bullish, but that could change at any time. If that candle starts trading below 10,300, then I would look closely for the price action to open up a potential short. The two likely support zones are charted.

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