BTC bouncing back up?
Okay so the red line is trend resistance, the orange rectangle is the horizontal resistance, green line is support. In purple i drew over the graph and realized its two consecutive head and shoulders patterns signifying a drop one after the other. However they both aren't dropping as much as they should be, in fact after the first it just goes up to create another head and shoulders but a bigger one. And its happening between trend resistance and support so its fair to assume it could happen again and create another head and shoulders pattern... The purple i drew after the graph stopped.
However if it continues passed vertical resistance then it gains more support and could have enough to break the trend resistance
This however will only be the case if btc has enough support at the pink circle to make the price increase
Now to support the idea of it going up , once it goes up at the purple circle then we've got a triple bottom bullish reversal which is indicated by the two green circles and one purple at the support line , this is much stronger than the double top bearish reversal indicated by the red circles at the resistance line
Most likely support and volume picks up and we go back to a bullish btc
However there's still a chance that buyers at today's level will sell before resistance and cause the market to start going down however i feel like its most likely the coin goes up because even if that did happen , there's probably a new support level above previous vertical resistance along with FOMO causing the uptrend gained by breaking trend resistance.
However if it continues passed vertical resistance then it gains more support and could have enough to break the trend resistance
This however will only be the case if btc has enough support at the pink circle to make the price increase
Now to support the idea of it going up , once it goes up at the purple circle then we've got a triple bottom bullish reversal which is indicated by the two green circles and one purple at the support line , this is much stronger than the double top bearish reversal indicated by the red circles at the resistance line
Most likely support and volume picks up and we go back to a bullish btc
However there's still a chance that buyers at today's level will sell before resistance and cause the market to start going down however i feel like its most likely the coin goes up because even if that did happen , there's probably a new support level above previous vertical resistance along with FOMO causing the uptrend gained by breaking trend resistance.
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