Here is a possible path down if this move runs out of steam. Could start a downward trajectory with stopping points at previous major points of support and resistance.
BEARISH
Several of the indicators on the longer timeframes are showing exhaustion and overbought conditions, specifically stochastic.
We can also see declining size of weis waves in pane 2.
BULLISH
The TTM Squeeze on this 3 hr chart indeed looks like a bull market starting, but you have to remember with the TTM that you should not count on the histogram for counter trend indication. And on the longterm picture this is technically still a downtrend. So you see the TTM coming out of the squeeze changing to green dots and printing first green bars on histogram. If this were in a bull scenario, this would be the start of the trend. But as this came out of a reversal from a strong downtrend it is less trustworthy.
Secondly we have the MACD crossover still, but it is currently turning down on 3 hr.
I will also post below a possible path for a bullish scenario.
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Possible case for bullish scenario. We would need to see major volume come into the market to support this move.
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My top support resistance line on the main post is a little bit too high. I copied this idea over from a different ticker and didn't place it quite right. The top horizontal line on the bullish scenario is more properly placed.
bearish is more likely my friend / thanks for idea
Eldal
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@BlessedBlasphemer I agree, especially with current conditions presented by indicators and price action. However, no point in denying the possibility of a bullish scenario as well.
Eldal
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I think I can see one reason why some people are bullish. If you look at the btcusd or btcusdt on binance we are seeing pretty even volume now as compared to beginning of the spring bullrun. However if you do TOTAL-TOTAL2 you can get an overall picture of BTC across all exchanges. Here you see declining volume