Strange Support Line for BTC
BTC has been preventing a correction for the past few days, bouncing off a strange support line that looks rather weird. At the moment, it seems to be contracting within a symmetrical triangle and triangles are continuation pattern (Bearish in this case). So two possibilities here. Either it breaks this support line and goes down now or it moves up again towards the resistance line before bouncing off hard and continuing its downwards movement. The support line has been tested 3 times and is likely to break on the 4th try.
The trend is still bearish and the daily MACD is almost crossing under, and the hourly just looks dire. But lower time frame and 4 hours is starting to show signs of possible recovery, so we probably will see BTC moving up to 13900 to test the resistance line again. This will be interesting if BTC actually breaks above, but I highly doubt so. Still let's keep that possibility in mind. A break above the resistance would likely suggest that downtrend has reversed. The next 24 hours will decide the fate of BTC and a chance for brave bulls to save their trapped friends above. I don't have a recommendation for long or short atm, this is pretty much a wait and see situation.
The trend is still bearish and the daily MACD is almost crossing under, and the hourly just looks dire. But lower time frame and 4 hours is starting to show signs of possible recovery, so we probably will see BTC moving up to 13900 to test the resistance line again. This will be interesting if BTC actually breaks above, but I highly doubt so. Still let's keep that possibility in mind. A break above the resistance would likely suggest that downtrend has reversed. The next 24 hours will decide the fate of BTC and a chance for brave bulls to save their trapped friends above. I don't have a recommendation for long or short atm, this is pretty much a wait and see situation.
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