The $BTCUSD chart has formed a triangle which, logically, should be broken from the bottom to the top. However, it looks like pure MM manipulation. If you watch the market closely, you could notice that at the 8th and 9th of August we saw ugly candles which hit a bunch of Stop Losses, both of them were formed inside the same figure - triangle. If we base our analysis on ascending and descending supports, we can draw only one conclusion - BUY after breaking through the upward triangle's edge, SELL after breaking through the downward edge.
Let's consider these important levels, we have three ones. The first one is located at $11910. It was been phoney broken almost 6 times which tells us that big traders actively SELL at this level. Therefore, in case the price stays below this level, the priority remains downward.
Next. Let's talk about the resistance at the $12110 level. Bulls tried to break through one for many times, but with no success. However, in case this level will be broken - the priority will change to an upward (mentioned with thin line).
And now let's consider the final, the third level - $11590. This level is the magnet (strong) for a whole market, which makes it a mirror level in the future - thus it has almost 100% chances of being broken, despite its strength. We understand that in case the price will break through this level, $BTC will continue dumping hard. And now let's consider HOW the price can come close to this level: if both resistances described above will be broken - it would mean that bears are much stronger than bulls. Moreover, the magnet level will attract the price to itself which will increase the impulse's power. Therefore, this level will be broken with almost 100% probability, as I wrote before.
In addition, I want to remind you that this abnormal growth has no correction for a very long time, but it needs one. The amount of LONG positions is evidence of that. Remember that you need to react to market movements fast. Don't try to predict any movements if there are no clear signals from the market.
This is the future of charting, i'm telling you now to try and understand my grounds on this.
This style will be referred to as CarsonsGannishPitchork (module) or CGP (module) for short.