This is a pretty simple yet i believe on point analysis for BTC /USD.
The two main lines:
-Downtrend line (on red ,starting from the all time high)
-Uptrend line (on green, starting from July)
I consider that we have 2 key resistance zones :
-11,800 till 12,000
- the downtrend line
I believe the downtrend line is a key and we had 2 very important confirmations when BTC failed to breach and it was dropped back down(at 17,350 and then at 11,700).
We also have a powerful which is the uptrend line (green).We can see in the analysis that we also have two confirmations of it supporting the BTC (at 3,000 and then 6,000).
All my attention is going to be focused on the red area om my analysis.This area is being shaped from the resistance-downtrend line and the support-uptrend line which are the two most powerful lines right now .
If BTC manages to break the resistance line then we should expect further upward movement and to test the next which is formed at 11,800. If the doesn't do its job correct then we should expect further downward movement.
The red zone its pretty risky right now so i would suggest to observe what is happening ,be patient and take the best entry position possible.
The indicator shows as a cross and the moves straight to the oversold zone .
I believe that the is going to be tested once again , we just have to wait and act accordingly.
Be patient guys , time for great profit is coming ( even if we have to short BTC)
The EMA20 is a serious resistance that we have to break.
This analysis is still active so lets pay close attention and act accordingly.