This would be a good spot for a bounce if it were to start recovering. Longer term trend line support as well as projected downward channel support crossing right about here. Could see some short term reversal but would likely see struggles until accumulation takes place..
It seems bitcoin may be range bound between technical emotion and could see another pullback to retest the apex of the larger triangle. I imagine it could take a little while to get back up to 13k. There is a likely chance that it will encounter some selling pressure weighing it down in this large decision making formation.
The patterns and lines weighing BTC down include rejection of the 1.414 relative fib line, broadening triangles, head and shoulders and now this short term descending triangle. Support at past resistance for reactions until we see accumulation reversals to pick this up.
Breaking from this Symmetrical triangle and moving upward to rest before possible break of the ascending triangle. Could be primed for some solid continuation assuming break of the yellow line resistance and some decent volume confirmation otherwise it would likely be range bound.
This 4 hour chart of SQ shows a break-out from a symmetrical triangle with a re-test of the break-out line and then consolidation break-out on higher than normal volume which suggests some decent upside potential.
Analyzing for pattern and support/resistance, it seems like there is still possible recovery potential. Failure of this support would nullify this idea but higher time frame trend is still up so that is where the bias is.
Interesting analysis here to see Bitcoin and its move out of that steep downtrend to continue on its original trajectory. I would imagine this trend would continue smoothly as is or else see another excitement phase from the channel.
SPY zoom out to 4 hour and it seems 270 is the level to break. If it goes green next week and holds 270 then there might be strength to push on. Lots of volume at this level though so lots of selling would need to be absorbed. It did recover the breakdown from this trended channel though and the hourly started to reverse yesterday off strong support. Will it...
Continuing the analysis and projection of the channel lines, you can see that there can be multiple ways to draw the channels. In this channel drawing, I assumed that the price spike drop was a panic price drop and therefore used the more steady price bottoms that reacted multiple times on the top and bottom of the channel that I drew. It creates more of a line of...
This method of channel projections seems to work consistently on any time period. Previous trend line breaks seem to react as support in the future. Just because it breaks above a trend line doesn't mean it won't react later. Consider it breaking into a channel that doesn't exist yet. That trend line can be projected onto the highs in the shifted over down trend...