The way I see things right now, from bigger to smaller scale:
We are getting closer to the end of a triangle formed by an ascending channel and a smaller descending channel. I feel like the normal course of action here for BTT would be an eventual break to the upside, as the Ascending Channel is bigger AND it also makes sense considering the crypto is freshly released.
However in the shorter term, we are building up bearish confluences.. -We saw rejection from the top of the Descending Channel. -We formed a bearish Head & Shoulder Pattern. -We broke and retested a small uptrend line. -We broke through and stayed under a Fib line. -Moving Averages have crossed to the downside. All of these lead me to believe we are heading to retest the bottom of the Ascending Channel.
Once there, we will almost simultaneously hit those Bullish Confluences: -The Bottom of the Ascending Channel. -Another Fib line. -The 200 Moving Average.
I am personally bearish until there, but once there, depending on the Price Action I am considering going Long again. Any thoughts?
*I am not a pro. Do your own due diligence. Cheers.