Around a week ago I made an analysis on BTC where I shared my thoughts on the near-term price movement. The main point was that BTC is more likely than not to see sideways price action, with a clearly defined horizontal support and resistance area.
As of today, BTC went slightly below the last low of $15,600 and is currently seeing a big bullish reversal. In my view, it's likely that this rejection will keep going for a couple of days, targets in blue.
In the longer-term, I'm still bearish. So new lows are to be expected in the coming weeks.
On the other hand, a case can be made for the idea that we have bottomed already. Let's see what the market will bring us in the next few weeks.
Good description of the idea and technical analysis of the chart! Checked the cluster analysis and do not doubt the idea) Already waiting for the exact workout.
DeGRAM
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Thank you for sharing your analysis. Great job!
Jasonborntodie
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looks great, believe that legacy trendline is important to be maintained