usd weakness would correctly depict the head part of the pattern. The rest of the patter formation is supported by the current resistance we are seeing at this price level.
The horizontal trend lines pertain to are of strong support and resistance.
The triangles depict trend directional based consolidation on a basis of current trend.
The rectangles display...
The 8340 line could pose as support line for the life of bitcoin. Upon reaching the 8340 we will likely see consolidation and a possible false break out to the continuation side. Once bitcoin finds a liquid state, the market will find its balance. With the re-centering of price this should allow bitcoin to have future growth.
Even though the us dollar is experiencing weakness, There is resistance to be found and pivot points still to be driven to the ground.
The horizontal lines display continuation and reversal points pertaining to Fibonacci re-trace-mint on prior overall greater trends.
There are 3 scenarios.
-Consolidation around these pivot points, Breaking and returning until...
Currently in a consolidating channel. The yellow lines display points of breakout from the consolidation pattern. The lines are just one of many other signals that go into entering the trader.
The breakout trend lines can also act as a pivot point for trend reversal. Be aware of support and resistance in those areas.
breakoui trend lines = yellow lines, also...
Lite coin has been going through a consolidation period. The Green triangle pertains to the current consolidation period, and the red triangle would describe continued consolidation.
The red trend line, is being used as a pivot point. Which is used as support and resistance accordingly, and the green trend lines also describe support and resistance.