These are the possible outcomes:
- 235 holds, we break up, resolves, target 280-290
- 235 breaks resulting in a meassured move down to 180
OBV was in a downtrend, thus price continued the downtrend.
Rightnow we have a similar situation only that OBV is in an uptrend.
This may be a hint for a resolution of this situation.
Also we have a tripple bottom with long wicks at this level, suggesting strong support.
Large is required to create a convincing breakdown.
Check out the charts linked bellow for more details about my bias here.
Cheers : ]
If you ignore that we are in a year long downtrend, one could argue we are still in a range between 210-300. There are sevel hints that BTC is trying to consolidate it's fair value in this range. For the price it would mean spending atleast half a year more in this range. All time moving averages are within this range aswell as the average cost for minners to mine a bitcoin. So it wouldn't surprise me if we consolidate more within this range instead of continueing the downtrend in the manner everybody expects.