07/06/2020This is what I have charted today for the Daily.
The red dotted lines show some resistance levels both above and below, obviously the R lines below have become support though I do still think they could be relevant in the coming days/weeks if Bitcoin fails to break or stay above them therefore they would then flip back to resistance. I had more longer term S/R lines drawn though at this point in time I don't think they are so relevant as to the price movement we are seeing now.
The white lines go back to the ATH's and come from the lows to form a giant pennant. Within these lines, I have drawn some trend lines for my own personal use, but i you take note of the blue lines, we could possibly be forming a bull flag. I have this drawn very rustic though it does respect some major important trend lines and if drawn more precise, a more valid pattern would emerge.
IMO, the market is very unpredictable, as Bitcoin always is, though I believe even more so given current news and events regarding the institutional buying of the asset.
I think the opening of the stock market could very well have an impact on the price and where it goes from here, saying that, I do believe we are short term bullish and ready for either a breakout or at least another retest of the 10K mark.
I hope this chart is easy to understand as I know my explainations are not lol, I try and draw what I see and hope that most can see the same.
Thanks for your time.
