Bitcoin! Decision on ETF will determine inverse H&S breakout!

Hello Traders,

As you recall from my analysis, I mentioned that my target for my initial trade is $7800 (trade closed: 7789) which is the resistance level for potential inverse head and shoulder pattern.

Looking at the daily chart, Bitcoin is at triple resistance point (black down trend, purple up trend, and orange horizontal resistance). When I see this many resistances at one single point, my gut is telling me that we will see dip from this point in preparation for SEC decision, and there are many indications that reinforce my idea (4 hour chart not indicated):

1) RSI bearish divergence
2) Potential MACD bearish divergence
3) Potential Stoch RSI bearish divergence
4) Completing head and shoulders pattern requires retracement. In this case 38.2% retracement ($7130) just feels natural to me. (23.6% retracement is also possible as this level was the support on March 18th)

However, what's bothering me is the similarity in candle structure and market sentiment between April (yellow box) and this time (blue box). There is just a lot good news coming out, and simply there is no negative news that can drive Bitcoin price down. Additionally, RSI has been over 60 for awhile, which we have not seen since last year. So, something is definitely different this time around, and technical analysis may not help you make a good judgment.

I will keep you guys updated when I see clear trend.

Happy trading!