BTC on the daily - A clearer picture forming

As we take a break and some time to breathe after this relentless bear market, I would like to show some general levels to be on the watch for on the daily:

• The general trend line support (orange support line) is not a level I take too seriously. With every new low we get, a lot of people just move it down and down and down. I see it as a general level I watch for in order to set targets. However, IF we did indeed found bottom here at 7062 then the trend line support is indeed indicative of a good general support level.
  
  
• The general trend line support, together with the general trend line resistance (here in blue) show a general trend of BTC after its all time high. Bear market? Yes. But what I think is even more important than that, the movement seems to be forming lower highs and higher lows(In other words, a wedge). These lower highs and higher lows are converging towards a point of decision for BTC. If we will then breakout of the larger wedge, then we can see another larger bull run. If not, then long and boring ol' accumulation floor it is!
  
  
• The red bars are what I believe to be stronger resistance, possible future support, levels. Rght now, the large green dildo that blew us out of the 7k range is testing the first resistance level.
  
  
• If we reach near it, I will pay special attention to the 7750 range, as it is apparent confluence between the 0.23 FIB and resistance.
  

As of right now, it is still too soon to see if this reversal is indeed a bounce of the current bottom, if it's a short squeeze or if we are in a bull trap. Based purely and solely on my instinct, as I am waiting for more data to come in, I think we will resume the downtrend to AT LEAST test the 6.9 range.

Comment:

Don't want to say it's Bart Simpson just yet but...