BTC completed a Head & Shoulders today.
Looking at the previous 20% drop from the last Head & Shoulders, we could see a drop down to the 9k support level and even the 7k support level before the end of this month (August).
We're extremely close to the top of the short-term, mid-term, and long-term (from ATH) resistance lines.
If the short- and mid-term resistances are broken, there's a good chance we'll break through the long-term resistance as well.
And that means... the bull-run we've all been waiting for. Breaking through previous ATH is definitely possible if this happens.
BTC is testing a key resistance right now.
If it breaks through $9.7k, we're back in bull mode all the way to $11k.
If it fails to break through, we'll test the support within the next 12 hours at $8.7k before going up.
The reverse 4h candle closed in the green well above the $10,430 point. It's the first green candle in the last 20 hours and represents a possible reversal.
Price moving up is more likely now, but we're still at a sensitive point.
Possibilities from here:
If the reversal fails it's more confirmation that we will test $9.7k support.
If the next candle takes us...
This 4H candle closes in ~20 minutes and is balancing between red and green. If we see a green doji here, we may go back in bull-run mode to $13k resistance.
If not, the next support is $9.7k (see previous idea).
CZ announced in a mediocre market that they will burn about half of BNB's supply. BNB didn't do any huge pumps yet but the confidence in BNB with this news and the textbook bullflag formation is a super bullish signal.
Drag chart left to see trend analysis starting at 2017 high.
The red pendant starts from Dec. 2017 highs and lows.
The black pendant is made from the 4H (or 1D) candles from recent performance, starting last week of June 2019.
If BTC drops below $9.7k, we may retest a new low (~$3.8k) on the red pendant.