Increased volume compliments a head and shoulders pattern for a good chance at a reversal. The three drawn lines indicate potential future resistance, passed on past support and resistance.
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A fourth trendline that I didnt draw in is whats causing us some resistance right now, but im feeling very bullish
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PREPARING FOR A BEAR CONTINUATION:
A few people in the chat and IRL have been calling this a bull trap, and while that certainly is a possibility, I don't think it's a likely one.
However, if you are nervous of such, place your stop loss at just below the blue support line, around 8200, because if we serious fall through that we could return to a bear market.
If you're a bit more bullish on BTC but still want to be safe, set it at around 7400, the top of the head and shoulders.
BULLISH POSSIBILITIES:
Honestly, I dont see any huge indicators of exactly what BTC will be doing, not that the beast that is BTC would play along anyways, but I do believe we will hit resistance at the two upper green lines.
For more info and a larger time frame perspective, as well as some more important trendlines, check out my other post,
A few people in the chat and IRL have been calling this a bull trap, and while that certainly is a possibility, I don't think it's a likely one.
However, if you are nervous of such, place your stop loss at just below the blue support line, around 8200, because if we serious fall through that we could return to a bear market.
If you're a bit more bullish on BTC but still want to be safe, set it at around 7400, the top of the head and shoulders.
BULLISH POSSIBILITIES:
Honestly, I dont see any huge indicators of exactly what BTC will be doing, not that the beast that is BTC would play along anyways, but I do believe we will hit resistance at the two upper green lines.
For more info and a larger time frame perspective, as well as some more important trendlines, check out my other post,
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Once we clear the next two Green resistance lines, Ill call this a confirmed reversal.
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About to start testing our second line of resistance, the first has basically become a support as of right now.