A reversal bullish divergence followed by a continual bullish divergence on BTC
72xx range was indeed a strong resistance as expected, it bounced back hard when it's hit, but we're now having another attempt to break through it. If BTC can manage to break through it, it will also break the long downtrend line which started from March at 11729 and open a chance for a new uptrend. Bullish reversal divergence is in RSI to support the move!
The 6600 range has been proven to be a strong support. As we can see, lots of long candle shadows here, which means the bears had many attempts to push the price down but most of the time it bounce back up pretty fast. Bullish divergence also appeared on RSI. First BTC needs to get through the minor resistance range at 6876 - a previous support that turned into...
As you can see in the chart, BTC is going in an exact same path as the past!!! Starts with a slow decline, then a big drop, then consolidates with a flag, hits the down trend and breaks down, hits a strong support twice in a short time then bounces back up a bit, fake out of the down trend but fails to make a real break out, then drops back into the down trend...
Notice the vertical lines, they are in the same time of the each day. It has been 5 days in a row that BTC dumps around that exact time! Big red candles are usually on these exact lines or just 1 candle before or after. Is this coincident? I think not. Any idea on why?
VEN has successfully broken out from the short term down trend. Long term uptrend support is still intact. Heading toward new ATH