With so many analysts looking at the uptrend line, I decided to do a little digging to keep myself busy. What's so darn important about it?
Firstly, current price action looks to be respecting the upper bounds of a Short-Ranged Shiff Fork downtrend, seen more easily on smaller time-frames. With that said, this 'Sweet Spot', would have to see a considerable move down from its present position to strike it on the head.
With such violent swings in crypto, and on display within view here, it's not out of the question.
The Sweet Spot, marked here, has interesting confirmation from the Mid-Ranged Resistance Reaction High 1.0 Median Line (that's a mouth full). This resistance turned support has 2 reaction touches on the Short-Ranged move down from $165 High (COINBASE).
The Median Line from the Mid-Ranged seemed to support price action handsomely enough for a rally in February, and also timed consolidation at the .618 & .75 Mid-Ranged Lines respectfully.
This 'Sweet Spot' coincides with:
- Resistance turned Support from Mid-Ranged Downtrend Shiff Fork Channel @ the 1.0 Line (2 support reactions)
- Median Line from Short-Ranged Shiff Fork - Correction from $165 high.
- December and February Bull Rally Uptrend Line
A break up in the short-term may find considerable resistance at the same 1.75 Line of the Mid-Range Downtrend Channel.
A break down from here would find a considerable confluence of support at the above mentioned, and would likely result in a break above the short-ranged .
My feeling on this matter, is that with price action pinned on the 4H time-frame below the Medians of both 100 and 200 Periods with StDev 1.25, the move is likely down. But just in case, maybe this illuminates to some breakout points.
Good Luck, Traders. May you find yourself on the profitable side of it!