The past doesn't predict the future and the future doesn't predict the past. But there're streaking similarities in these formations circled. A bottom appears to be forming. Of course on the other hand we have very bad fundamentals. And fundamentals can throw a curve ball at any technical analysis.
Idea is that we pull back. Stop loss 7.1k target 6.5k. Risk reward 5:1
Inverse head and shoulders pattern.
Good time to go long, see 123 bottom pattern. Going in a uptrend to retest resistance. Target is at 420'0 on resistance line.
See a mid-term correction back to trend line.
Has tested the all time high several times and hasn't broken to the upside. Expect a large break down and huge move down.
I predict bitcoin selling off and bouncing off at one of the support levels. Put two different scenarios in arrows.
Looking at a potential breakout with upside. Possible we break to the downside back to the 700-705 support line.
Really low volume and spike candles may not be a true break. If it starts moving down I see it bouncing of the longer term trend line. We may revisit 700-705 not bearish unless this level is broken.
Support in the 705 area expect it to bounce of and consolidate before testing the 770 area then possible break to test newer highs.