Bearish reversal initiated on an H&S pattern. Short.

As expected, the 7,800 support broke on a +40K volume 1D candle (-5.49%), following the 1W Fibonacci retracement pattern on Lower Highs (a value just above the 1D 0.618 signified the Lower High). On a +50K volume today, BTC can even hit our TP1 = 7,380.40 as the current bearish candle sequence on 1D reverse imitates the July 23-24, on a standard Head and Shoulders pattern (now 1D re-entered the sell territory on Highs/Lows = -108.2803, B/BP = -269.8780). This suggests that in the next 3-4 sessions the price will consolidate in an attempt balance the oversold 4H RSI = 27.344, STOCHRSI = 0.000 and Williams = -90.800. Rest of TP pair is intact = 6,855, 5,617.40.