Firstly, This chart may look like a cluster of infinite trendlines but i will break this up for you to make it simple for to read as these lines are very significant!
You might see the Direction of the price and might say " Okay well, the price may go down or Up" Good Update!!
But it's important to know that currently BTC is in a "No Trade Zone" at least for me! Knowing the important levels helps you to make better trade decisions. No one's got a MAGIC BALL here!
Yesterday we saw a break below 7k level which happens to be because of the unprecedented move of the US OIL Futures.
Coming to the chart: Orange Channel is important as we broke above it and holding it so far. + It is under The green cluster of Support + Trading above 200D MA No such capitulation signs from the chart/indicators as we can see many TA showing 4k level seems possible. I don't see that coming yet.
The Blue line is the Long term Resistance trendline from which we got rejected.
The Red trendline is the local Resistance. The black Trendline channel
If we break below the support that I am talking about We still have strong support Zones:
S1: $6510 S2: $6064 S3: $5878
These may be the regions which are very important as well as sustainable.
So the Bullish Scenario: If we keep holding these levels there's a chance we can break above the $7200 level soon, Also the herd is too bearish now and price often goes to the opposite side.
bearish Side: Breaking below that green support level would be bad.
I will be buying BTC as soon as I see confirmed indications in the chart with my reserved cash. I'll let you know. We're currently trading under a small channel which might break to the downside but upside rally seems likely to me now.
Please share your views, what do you think could happen next?
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Told you it always goes against the herd! Read the update here: