If BTCUSD can't break that yellow downtrend line, it could go back to the first support and form a head & shoulders formation. When that happens, expect for BTC to go down to the reversal levels indicated in the chart above.
However, if BTC goes up and breaks the downtrend trendline, it could retest the all time high and could probably make another all time high.
Watch the volume and price action in the coming hours within the day. Currently, I see that the volume is decreasing. But, a buying rally could occur and volume starts going up.
Just be on the lookout for BTC's movements. It's difficult to say where we will go next.
However, if BTC goes up and breaks the downtrend trendline, it could retest the all time high and could probably make another all time high.
Watch the volume and price action in the coming hours within the day. Currently, I see that the volume is decreasing. But, a buying rally could occur and volume starts going up.
Just be on the lookout for BTC's movements. It's difficult to say where we will go next.
Note
IF BTC goes below this orange uptrend slope then we could see it test the support at 3300. If it goes lower than 3300, then it could move lower below 3,200.Note
Uh oh. Doesn't look good. But DMI says selling pressure is going down while buying pressure is going up.Note
If it breaks that red line resistance and touches the yellow resistance line without any profit taking, then we can go up. Volume is also increasing now.Note
Last hourly candlestick that will change bitcoin's direction.Note
Must stay above the red support line
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.