BTC/USD is forming a descending wedge on the daily time frame and is likely to break one way or the other within the next 1.5 months. A descending wedge indicates a higher probability of a bull break. If a bull break were to occur the next major resistance level would be at approximately $11700 which is where the previous double top occurred. If a bear break were to occur the next major daily support levels would be approximately $5870 and $5000 psychological. Any major news such as the announcement of a BTC ETF or further regulation could nullify this analysis.