Here is a trendline from March 12 2020 to October 7 2020
extended on a logarithmic price scale
using 12Hour heikin-ashi candles :
March 12 2020 was the lowest price point of 2020,
and forms the beginning point for the trendline.
Using that point,
we can form the lowest unbroken support trendline
before the post-ATH drop.
Let's highlight our current battle, and then zoom in a bit :
Extending the line to the right shows that BTC broke below the trendline numerous times, the furthest point below happening about 3 weeks into July 2021.
1Hour view :
It appears that horizontal resistances may not be the only factor in the current battle.
5Minute view :
Of note,
I would consider this line as the middle of a ascending range or channel of influence,
given that it is formed using rather dated (but important) price points.
Therefore, I'll be watching for an obvious upward price launch not just at the line itself, but also from the surrounding area to signify that the line has been broken to the upside.
And if we do get an obvious break above the line, perhaps it will resume its previous role of ascending support?
Let's see what happens.
// Durbtrade
Comment:
*UPDATE*
Comment:
*UPDATE* 1hr timescale
Comment:
*UPDATE* 12hr timescale
Comment:
*UPDATE* 12hr timescale
Comment:
*UPDATE* 5min timescale