This is not a prediction as to when BTC turns around or a signal for an entry or exit, this is simply reflecting my thoughts about S/R and how robust the feeling is around long or short sentiment.
The broken channel that I point out is a solid statement that many want price lower and have the power to make it happen.
It would seem that if RSI breaks below the down trending yellow line then there is a good chance that it will challenge the lower support line (pink) which happens to be a very strong support line. If it breaks through that then a complete revision of the strength and direction of BTC will have to be formed.
Also OBV is approaching a decision point in the triangle of diminishing options. A break below the ascending pink support line would indicate further weakening of the buyers and cause me to hold in my re-entry.
The broken channel that I point out is a solid statement that many want price lower and have the power to make it happen.
It would seem that if RSI breaks below the down trending yellow line then there is a good chance that it will challenge the lower support line (pink) which happens to be a very strong support line. If it breaks through that then a complete revision of the strength and direction of BTC will have to be formed.
Also OBV is approaching a decision point in the triangle of diminishing options. A break below the ascending pink support line would indicate further weakening of the buyers and cause me to hold in my re-entry.