It's interesting to zoom out and see the steady upward price trajectory at a rate that seems to follow this channel's angle. You could also say it's just arbitrarily selected points but the observation of it stopping at this location as well as it being the apex point of the breakout from a triangle pattern seems to give it more validity. If this starts to turn...
I could see the potential for this to bounce around in this range for a bit before retesting the broken trend line some time, but for now seems to be rejecting the center of this channel which has some trading density. It is also possible that the rejected breakout to news highs will give this enough potential energy to drop to yellow. Levels to be aware of for sure.
It seems that since yellow re-validated itself, the trajectory favored upside before hitting blue. Now it seems like it is either coiling for a break of blue or will follow that downward direction until possibly converging between the two directions before making a final decision.
Zooming out to the weekly you can see that the trend line that was broken in October has been rejected where the trend line of the rising tops projects to. Breaking down below the 290 level could see some significant retracements.
Quite the breakout move to new 52week highs. Previous all-time high is about $60 and with this level of accumulated break-out, there's potential to move past that. Keep on future watches for momentum plays.
Was this a break-out of a long forming symmetrical triangle where Trump missed the party and had to do something about it or was this just a rejection of past resistance fueled by a tweet?
There seems to be double support here from existing trend and breakout support. What do you think? Possible bounce if it can hold. Needs break new down-trend to continue though.
This bullish break from symmetrical triangle could see some continuation in the days to come. Could definitely see some significant trading activity in the near future.
This breakout to all-time highs after a long period of bullish accumulation could see some explosive continuation. This is definitely one to watch for some continuation.
Is yellow the new trend for the time being? We could definitely see some positive reactions to this move. Especially with the impulse after breaking the short down trend.
The current bitcoin outlook seems to be leaning more towards a bearish outlook after a rejection of a previous support level as well as the confluence of multiple relative retracements. The fall below the internal trend(blue line) could mean the continuation of that underlying direction. Ideally price would have to curl up and away from that downward line but for...
This would be a good spot for a bounce if it were to start recovering. Longer term trend line support as well as projected downward channel support crossing right about here. Could see some short term reversal but would likely see struggles until accumulation takes place..
It seems bitcoin may be range bound between technical emotion and could see another pullback to retest the apex of the larger triangle. I imagine it could take a little while to get back up to 13k. There is a likely chance that it will encounter some selling pressure weighing it down in this large decision making formation.
