Short-term, BTC seems to be a little bit on the cross-roads here. It has formed an incomplete inverted head and shoulder pattern (tho quite whacked), but is not far from it with the price running against the neckline. However, we currently don't see the increase in volume required to change the direction and break resistance so we can't be confidently bullish. Thus, alternatively, we may well be looking at the formation of a descending channel, which would imply a short-term bearish outlook as BTC continues a retracement/correction. The picture should be more clear in the next two hours or so.