The reversal head and shoulders pattern resulted in a bullish continuation and reached $7800 level. The further growth was stopped out by 20-day exponential moving average resistance. BTC price has since went down 9% and was supported by 61.80% Fibonaci Retreacement level. It is important for the bulls to stay above that level, or at least within the “golden pocket” range (area in between 0.65 and 0.61).