In these days we are in very important zone, but why ?
As you see in 240 time frame, after December 17, 2017, BTCUSD moved in the and couldn't breakout this pattern until now.
We are near the end of this pattern and the bitcoin should make an important decision. Up or Down ?
But before that i think bitcoin will touch bottom of the pattern at 5800 $. I have several reason for this opinion.
1- We are in very powerful and multi layer as follow:
A) Big and strong descending kumo
B) Strong Senku Span A (thick green line)
C) Kijun Sen and Tenkan Sen that play the role of a strong resistance and candle couldn't breakout them with more than 50% of its body.
D) In weekly , candle only touch R1 and couldn't break it.
E) Candles couldn't break out top of the in 240 time frame. (Purple line)
2- The is low and if you focus on you see a that we know this is a downtrend pattern and considering the is near to the over bought zone, maybe move down and the price falls.
We must focus on the chart in coming days and see what the market decision is ? What do you think ?
Have a good and profitable trades.