BTC Trend Reversal - Fan Lines
Updated
Fan lines are a very basic but very good indicator for identifying trend reversals. A breaking of the third fan line usually indicates trend reversal; if BTC can close above this line over the coming weeks, then outlook will be very bullish.
Note
Overall the trend line played out and we see a bearish reversal in the resistance zone. We did manage one daily candle that closed above, with bulls taking advantage of a short squeeze but BTC was ultimately overbought towards the end of this run and ran out of steam. Will see f a re-test of this zone becomes apparent over the coming week or two, but most likely scenario is down from here.
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