Bitcoin channel or H&S

Fib Channel looks to be holding true. However a H&S pattern is forming and could fall as far as $6500. If support (roughly $7600-$7500) breaks, the next support area is the bottom of the trend line shown above, a further break from that would mean BTCUSD falls to next support (based on price volume that can be see on a daily chart and not shown above) at roughly $6600-$6500. Additional support for the head and shoulders pattern can be found in the RSI, which is has shown lower highs as bitcoin's price has risen.