Here we are zoomed in on the 30min chart of Bitcoin, with the dotted blue line indicating a rising trendline that has held since Feb 8.
As you can see, the line has clearly been breached on high volume and stayed below. This comes after a repeated failure to remain above overhead resistance at around $4045.
In the past few months we have seen price fall to similar levels and quickly rebound from here. So I believe BTC could still rebound above the trendline to make a final push through $4045, before retesting it as a support and moving up to the next resistance around $4198. (green arrows on the chart)
However, given that we have already seen BTC hold below the trendline for almost four hours now, I think we are more likely to see a fall to previous support in the area of $3800. Before the drop we may see a brief relief rally back to the blue trendline, testing it as resistance before moving down. (red arrows on the chart.)
Price is rapidly moving to the end of a small bear pennant, so we should see a move either way in the next hour.
As you can see, the line has clearly been breached on high volume and stayed below. This comes after a repeated failure to remain above overhead resistance at around $4045.
In the past few months we have seen price fall to similar levels and quickly rebound from here. So I believe BTC could still rebound above the trendline to make a final push through $4045, before retesting it as a support and moving up to the next resistance around $4198. (green arrows on the chart)
However, given that we have already seen BTC hold below the trendline for almost four hours now, I think we are more likely to see a fall to previous support in the area of $3800. Before the drop we may see a brief relief rally back to the blue trendline, testing it as resistance before moving down. (red arrows on the chart.)
Price is rapidly moving to the end of a small bear pennant, so we should see a move either way in the next hour.