However, this longish term downtrend would not be over yet because it must break through the purple for me to state that we are most likely in the clear. The purple is the and it has been the point of resistance since January. looks only okay, it is better, but not at the capacity at which it used to be at.
IF bitcoin breaks through the light blue line on higher , I suspect that it will have price action similar to what I drew and the next it would have to retest is the purple one.
IF bitcoin does not break through the price objective is 5500.
My Last Analysis:
In addition, it looks like it will be testing the trendling around 6400/6500 price level.
IF price breaks out of the triangle to the downside, then the price objective price is still 5500/5300.
IF price breaks out of the symmetrical triangle to the upside, expect a retest of 6500/6600.
However, the larger inverse head and shoulder pattern will be downward sloping, if it manages to break out of the blue trendline.
However, right now, it needs to break through 6500 and 6850.