Short-term bullish possibility
Updated
I recognize this market as bearish. No sign of trend conversion has been confirmed yet.
However, if BTC withstands the selling pressure and safely remains on the border of the narrow gray box, a bullish dragon reversal pattern is complete that signifies a short-term relief rally.
25EMA and Ichimoku cloud on 4H timeframe are significant resistances, so there would be a slim chance BTCUSDT trades above them - but the narrow and broad red boxes are the targets from respective counterparts, i.e., the gray boxes.
If the narrow gray box support is lost, the broader one is the next.
The blue line is weak support.
This hypothesis is based on automatic calculation.
All figures are drawn automatically by indicators and scripts. So don't blame me for the number of objects.
However, if BTC withstands the selling pressure and safely remains on the border of the narrow gray box, a bullish dragon reversal pattern is complete that signifies a short-term relief rally.
25EMA and Ichimoku cloud on 4H timeframe are significant resistances, so there would be a slim chance BTCUSDT trades above them - but the narrow and broad red boxes are the targets from respective counterparts, i.e., the gray boxes.
If the narrow gray box support is lost, the broader one is the next.
The blue line is weak support.
This hypothesis is based on automatic calculation.
All figures are drawn automatically by indicators and scripts. So don't blame me for the number of objects.
Note
I intended the above boxes to be theoretical targets.The black-rimmed box would be more convincing as an actual target.
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