With the current speculation of bitcoin's next move i cannot help myself from sketching as many trendlines and support levels as possible to come to a conclusion of bitcoins next move.
From this post you can see some levels that i consider to be key levels for BTC to conquer nor break within the coming days.
However there is much move than just the common trend lines and R/S levels to address, we must also address dynamic trend lines and other technical indicators aswell!
Most dynamic trend line indicators such as Mean reversion, Bollinger bands were acting as support levels due to Bitcoins most recent drop.
However a key level I saw was the 200 moving average, which was acting as a resistance level just above current day highs.
Although this isn't technically a dynamic trend line i noticed a trend line on the RSI showing that there is room for a run prior to meeting RSI resistance.
From other technical indicators like linear regression and Fibonacci retracement also showed some interesting S/R levels.
Linear regression showed an interesting level 2 standard deviations below the mean.
Fibonacci retracement shows other support levels for bitcoin.
Overall the conclusion I came to is that from a restricted view due to only addressing support and resistance levels the future direction of bitcoin is inconclusive.
To come to a better conclusion i would suggest looking into fundamental points such as inflation, whale's trades and market sentiment.
However in saying that I would not disregard these levels as they can show traders the strength of BTC price action aswell as potential entry/exit points.
From this post you can see some levels that i consider to be key levels for BTC to conquer nor break within the coming days.
However there is much move than just the common trend lines and R/S levels to address, we must also address dynamic trend lines and other technical indicators aswell!
Most dynamic trend line indicators such as Mean reversion, Bollinger bands were acting as support levels due to Bitcoins most recent drop.
However a key level I saw was the 200 moving average, which was acting as a resistance level just above current day highs.
Although this isn't technically a dynamic trend line i noticed a trend line on the RSI showing that there is room for a run prior to meeting RSI resistance.
From other technical indicators like linear regression and Fibonacci retracement also showed some interesting S/R levels.
Linear regression showed an interesting level 2 standard deviations below the mean.
Fibonacci retracement shows other support levels for bitcoin.
Overall the conclusion I came to is that from a restricted view due to only addressing support and resistance levels the future direction of bitcoin is inconclusive.
To come to a better conclusion i would suggest looking into fundamental points such as inflation, whale's trades and market sentiment.
However in saying that I would not disregard these levels as they can show traders the strength of BTC price action aswell as potential entry/exit points.