here in top chart we see that Bitcoin prices are now getting closer to a major critical with no sign of any reversal
notice the white flags you'll see that prices have test this 4 times in sep-oct 19
now we're getting three major levels here
first one is fib382 weekly around 7855, check the above chart
55 weekly (blue line) which also act as perfect previously, check the white flags
and the green zone between 7830-7620 where we get multiple support and resistances in higher degree charts
the formation intersecting at the exact area of conflict where we get 55wema, fib382 and the green area of
now when prices will reach here it gets more difficult to predict the direction, cuz usually triangular formations can make breakout either both sides
here i want you to remind my last analysis on Bitcoin's Mandelbrot , that how bitcoin makes a descending triangular formation, than dumps and than pumps again and keep creating this formation in multiple time frames, here it is... if you've not checked it yet...
so before going long we need to wait and see the prices breaking the upper white of this formation
but if it fails than surely we could break the green zone and fall towards the lower level of supports
here's my custom indicator in 1h chart, completely
similar in 4h, no sign of any reversal
that's all for now guys, do like and follow me and keep supporting us so we keep bringing awesome new ideas for you.
this is husain zabir signing out