Bitcoin is still very bearish as you can see from this chart above. The latest higher low on the 4H chart provides a glimpse of hope for the bulls but this needs to be followed up by breaking above downtrend resistance lines and horizontal resistance levels shown on the chart.
14,000 will likely to be the most significant level to break because it is where a confluence of bearish factors come together: bearish Gartley completion, previous horizontal resistance, previous downtrend line. It is also an important big even number.
Of course, we can reverse even sooner. The lower downtrend line seems to be a strong obstacle on its own. This aligns with the 11,900 horizontal resistance level. Thus, we can retest the double bottom before testing the resistance levels above. What we know for sure is that price needs to break these levels if it is to go higher. When that happens, I don't know.
Thanks! :)
14,000 will likely to be the most significant level to break because it is where a confluence of bearish factors come together: bearish Gartley completion, previous horizontal resistance, previous downtrend line. It is also an important big even number.
Of course, we can reverse even sooner. The lower downtrend line seems to be a strong obstacle on its own. This aligns with the 11,900 horizontal resistance level. Thus, we can retest the double bottom before testing the resistance levels above. What we know for sure is that price needs to break these levels if it is to go higher. When that happens, I don't know.
Thanks! :)
If this symmetrical triangle gets broken to the downside, we are likely to go further down. If we break the resistance line of the triangle, we go up towards the levels I highlighted earlier.