I always like to look for clues in the candle patterns, and I may have found one. You can see that on September 19th, BTC printed a big candle. Then, there were two small red candles after that, and then BTC plummeted about 25% before it found support. Look also at the . You can see that when BTC printed that and two down candles (purple circle) the was forming a crossover.
If we compare that to the most recent action, we can see that BTC appears to be doing the exact same thing, but in the opposite direction. You can see that there was a large , which was very similar to the that was printed on September 19th. Since then, we had a small green candle yesterday, and it looks like we're printing another small green candle today. Furthermore, we can see that the has printed a crossover, while also forming a to price. So, the sell-side momentum is waning, and the candle pattern is looking very similar to what we saw in mid September.
When you factor those clues in with the on the , and the fact that BTC is holding support above the aforementioned critical converging support levels, it suggests that BTC could enter a relief rally in the near future. IF that happens, I would be looking for initial resistance around the top of the pattern (in dashes.) That would be somewhere in the 8500-8700 range.
The condition that would invalidate this analysis, is a sudden unexpected breakdown of BTC , with a daily candle closing decisively below the critical near 7250.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! revoir.