Light Blue Channel: Long-Term Trend Channel. Has been support 3 times since 2016 and resistance 9-10 times since 2016. Also the top of the channel acted as support after being breached in November.
We broke out to the top during the BTC crazy run but now have found our way logged back in the healthier channel.
White Horizontals:
6k Area: Previously resistance and support in October and November. We tested it again earlier this month to see massive volume along with a large bounce creating a very strong current support.
12k Area: We previously thought 12k may have been a double bottom after all time highs but it proved to be a neckline of a head and shoulders and then it got retested as resistance to see that H&S playout for us to drop sub 8k where that H&S target was. Ironically this 12k area is now the target for the inverse head and shoulders we have recently broken out of (bottom yellow channel line).
Yellow Channel: As previously mentioned the bottom yellow line is the inverse head and shoulders neckline we recently broke out from but I extended the line as it has acted as support 5 times and resistance twice (both shoulders of inverse head and shoulders). The top channel line is drawn from all time highs and the complacency top that followed.
These are the areas I am watching on BTC and I am also looking at the Ichimoku cloud on the daily and 3D levels.
My feeling is we see 12k to complete the inverse H&S and then get knocked back down as that will be the inverse H&S target, along with strong previous support turned resistance along with the yellow downtrend channel line. This area will be difficult to breach and I don't think it will occur on BTCs first try.
We broke out to the top during the BTC crazy run but now have found our way logged back in the healthier channel.
White Horizontals:
6k Area: Previously resistance and support in October and November. We tested it again earlier this month to see massive volume along with a large bounce creating a very strong current support.
12k Area: We previously thought 12k may have been a double bottom after all time highs but it proved to be a neckline of a head and shoulders and then it got retested as resistance to see that H&S playout for us to drop sub 8k where that H&S target was. Ironically this 12k area is now the target for the inverse head and shoulders we have recently broken out of (bottom yellow channel line).
Yellow Channel: As previously mentioned the bottom yellow line is the inverse head and shoulders neckline we recently broke out from but I extended the line as it has acted as support 5 times and resistance twice (both shoulders of inverse head and shoulders). The top channel line is drawn from all time highs and the complacency top that followed.
These are the areas I am watching on BTC and I am also looking at the Ichimoku cloud on the daily and 3D levels.
My feeling is we see 12k to complete the inverse H&S and then get knocked back down as that will be the inverse H&S target, along with strong previous support turned resistance along with the yellow downtrend channel line. This area will be difficult to breach and I don't think it will occur on BTCs first try.