After 25K was breached on the upside, it became a short-term support. H&S bottom reversal price target stands at 34K. We have seen few weeks of consolidation above the neckline at 25K and so far the technical outlook hasn't changed. H&S bottom pattern is still intact. During any pullback 25K will act as support.
I think a H&S top needs to form after a steady uptrend and so far 21K-30K move can't be classified as a strong uptrend. Irrespective, the possible short-term H&S top has a price target of 23.65K. If this price target is reached, the neckline of the larger scale H&S bottom will be penetrated. Such price action will not negate the H&S bottom, but will definitely result in morphing of the bullish reversal. I'm weighing the possibility of the short-term H&S top failing above 25K and the uptrend to resume. My reasoning is that bearish chart patterns (H&S top with the price target of 23.6K) that form in a steady uptrend are more likely to fail. A recovery above 27.3K can be the first sign of bullish continuation.
