Bitcoin's last weekly lower high was $9,174. It would be extremely bullish for the bulls to set a higher high on the weekly chart from here and I think very unlikely. Instead, I am looking for us to create lower high and then move into a weekly equilibrium pattern of higher lows and lower highs. An equilibrium pattern would tighten up over the coming weeks/months. A bullish break of this pattern could change the direction of the weekly chart back to a bullish trend and test the all time high. A bear break of the equilibrium would mean a continuation of the bearish weekly trend.
Bitcoin Weekly Chart:
