First off this of BTCUSD is in LOG SCALE because of the massive move BTC has had.
Secondly I am using a "wick from the top of the advance green bar" and then cutting the next wick to hit the bar of the January peak to get the most middle of the road possible DOWN TREND RESISTANCE LINE! This helps merge what many many people are looking at so we do not get suckered up or down.
I am looking for a short term pullback to support at 8562 or the 50 period moving average, that would be a good stopping point for the candles even if we had a long wick to 7705ish to the fib zone break level. Purple circle.
It looks like we hit a bottom on weekly , the daily might be double topping.
I am trying not to trade my feelings so I am not trading this. I need a decisive move from here.
If the weekly candle closes below the 8562 line then my opinion changes and I am again. IF you open the weekly and look at the 50 period moving average ( the flatter one of the two) then I see very good bottoming indications there. A triple test of that line. So even in an all out crash I will look for that line around 6,950 to hold the candle even if the tail violates the line.
Exciting times indeed!