Why Bitcoin bulls need to break above $51,700?

BTC/USD has reached the resistance area of $51,700 and has turned back below $50k once again. However price continues to respect the recent major low at $43,121 and has most probably formed an inverted head and shoulders pattern.

In the 4 hour chart above we depict the possible inverted head and shoulder pattern in play. So far the left shoulder and the Head have been formed and we are now in the process of creation of the right hand shoulder. The neckline resistance is at $51,700 and this is the level bulls need to break in order to activate the pattern. Activation of the pattern will give us a target equal to the height of the Head, close to $60,000. Support is found at recent low at $46,350 area and bulls would not want this level to be broken downwards.