Bitcoin (BTCUSD) at decisive point - Every trendline matters!
As you see on the chart, price has already broken the major downtrend line (black line) and also the 38.2% retracement level in an upward bullish movement. The resistance 11274.6 (38.2%) has become a new support now. In the upside we have the red downtrend which is touched and tested now. The fight between bulls and bears continues. In my idea for having further strong movement to next levels we needed to test AREA 1 that didn't happen or AREA 2 which is made of the conjunction of a downtrend line and the latest major uptrend (blue line) and MA 50. For a strong upward movement the price needs to touch the uptrend line (blue line) again. We will see a huge volume and a nice uptrend if it comes together with other supports mentioned above and HODLs!
The blue slow-slope line shows the H&S neckline. Breaking that line might cause an uptrend movement to complete the Head and Shoulder formation.
The part line in thick black shows the major downtrend line in log scale chart that I kinda converted it here for further observation. Breaking this line is considered a super bullish situation.
Look forward for my future analysis by sharing, liking and commenting this TA.
Be in profit, Love you all
The blue slow-slope line shows the H&S neckline. Breaking that line might cause an uptrend movement to complete the Head and Shoulder formation.
The part line in thick black shows the major downtrend line in log scale chart that I kinda converted it here for further observation. Breaking this line is considered a super bullish situation.
Look forward for my future analysis by sharing, liking and commenting this TA.
Be in profit, Love you all
The best scenario is to touch AREA 2 (the major recent uptrend mainly) and bounce back to test (and break) the log scale downtrend.