I believe that you need to have 2 Up & Down Trendlines drawn on a chart and needs 3 or more confirmations for Trend change.
1D Timeframe chart shows Longterm 2 Up Trendlines which shows that we are waiting for a confirmation of Uptrend until BTC go above ~10k
6HR Timeframe chart shows that BTC going in short term channel. I have also drawn 2 up and down trend lines in red and green
and within that channel we can also see a new ascending broadening wedge formed (see the black trend lines)
See more about this type of wedges here:
www.elliottwaveanaly...ning-wedge-patterns/
Which means that when the price reach the top of the wedge its going to be hard to break that level as it also meets the uptrend line of this channel as well.
More Confirmations:
Daily 200MA closing near to 10k
Longterm Upper Down Trendlines is just above 10k
Shortterm Uptrend line is also ~10k
RSI is overbought for nearly 14days
With all these above it's going to be really hard for the bulls to break 10k. If it fails to break this level and keep going inside the ascending broadening wedge then the price will come down to the lower Trendline of the wedge and if that breaks then the price
will continue going down to the bottom of the wedge which is around 7800$
If the bulls are stronger and breaking above 10250 confirms uptrend continuation
1D Timeframe chart shows Longterm 2 Up Trendlines which shows that we are waiting for a confirmation of Uptrend until BTC go above ~10k
6HR Timeframe chart shows that BTC going in short term channel. I have also drawn 2 up and down trend lines in red and green
and within that channel we can also see a new ascending broadening wedge formed (see the black trend lines)
See more about this type of wedges here:
www.elliottwaveanaly...ning-wedge-patterns/
Which means that when the price reach the top of the wedge its going to be hard to break that level as it also meets the uptrend line of this channel as well.
More Confirmations:
Daily 200MA closing near to 10k
Longterm Upper Down Trendlines is just above 10k
Shortterm Uptrend line is also ~10k
RSI is overbought for nearly 14days
With all these above it's going to be really hard for the bulls to break 10k. If it fails to break this level and keep going inside the ascending broadening wedge then the price will come down to the lower Trendline of the wedge and if that breaks then the price
will continue going down to the bottom of the wedge which is around 7800$
If the bulls are stronger and breaking above 10250 confirms uptrend continuation
Comment:
Bulls were not that strong and the price didnt even climbed upto 10k. Now we see a correction down to 7800 - 8000 major support zone