A lot of mixed signals, but most important resistance to overcome is the longest yellow descending trendline which BTC touched a very short moment, after breaking out of a smaller descending trendline.
Positive signals:
Nearing the major descending trendline gradually
Holding support above the 6K level @ 6.5K, regardless the low volume
trading in a pennant with potential to the upside (though resistance from the yellow descending trendline)
Negative signals:
Volume decreasing continously
Head & shoulders formed, with a potential breakdown below 6K
Ascending yellow trendline has been visited 5 times, and a revisit would mean a break
There are more signals, so it looks 50/50.
On the other hand we have a major pattern forming on the daily chart, where we are seriously pushing the large yellow descending trendline, which makes momentum to break up from a descending wedge.
I personally believe this is a good time to get long, as seasonally and technically we are ready to go.
Positive signals:
Nearing the major descending trendline gradually
Holding support above the 6K level @ 6.5K, regardless the low volume
trading in a pennant with potential to the upside (though resistance from the yellow descending trendline)
Negative signals:
Volume decreasing continously
Head & shoulders formed, with a potential breakdown below 6K
Ascending yellow trendline has been visited 5 times, and a revisit would mean a break
There are more signals, so it looks 50/50.
On the other hand we have a major pattern forming on the daily chart, where we are seriously pushing the large yellow descending trendline, which makes momentum to break up from a descending wedge.
I personally believe this is a good time to get long, as seasonally and technically we are ready to go.
Certainly institutional money AND a Monday ... volume should incline in a steady rate to confirm this...