It is weekend time and I did't want to bother you with anothe analysis but.....
Bitcoin looks like it might soon test near $9,300 levels!!!!
As you can see on the evening sky there is bright star pattern (my last BTC Idea explain meaning) and if we go back to the previouse high $11700, wchich was tested twice but never break and than sale off started.
Now I can see same scennerio where we will test that $11700-$11600 level and if BTC does not break this levell, it will create reversal pattern and as a consequence will see drop up to $9300 level (at this level we can see strong resistance ).
Notice that we may see BTC will recover when drop to $10600 but that is just a stop before further drop.
$9300 look like good buying oppurtunity I expect strong bounce from that level.
This is for education perpouse only.
We did not break heavy resistance $11700 level and now slowly dropping to $9300
I will update if I see any reason it will not play the way you see above.
New indications show me that we might drop to 8600 !! (13-14 march) after we touched ~12100 (wednesday). We'll see........................................
It took a whole day to brake above and it succeeded without rebounding.
This can happen, you just need to observe and wait for conformation to stop or start trade.
You can not predict everything to the spot, tradeing is live organism.
I am positive that we will test 9300$ and bounce probabely to 12000-12900$ We will see what will indicators tell.
With my next idea I will give more details how its play and why that way.
Thank you for your valuble comment.
It broke the big resistance blue line (from 20.000 to 10800) so that could also mean we are going in a different direction! Not?
It is not about mirroring.
Indicators can tell you next move, it is all about good interpretation. That is why you can't be always 100% right.
On this case we could see that BTC has been testing for long period TOP1 and then droped to strong resistant level it has shown signs of weakness then we have Doji star-signal of possible trend reversal threfore my concliusion is if BTC don't break TOP1 level we my expect similar drop to the level wher it can find strongest resistant level.
Always check Volume, MACD and RSI in diferent time frames to prove your idea.
To explain your another question. We are in bull market now - BIG PICTURE. So BTC will follow yelow trend line. We will see drop below and rise above that line, but main trend will always be up untill next correction. From technical view, proof for that idea is reversal head and shoulder patern (massive one) this 100% identify trend reversals.
Hope above help and you will price me with thump up even if you disagree with me :)
You are not laughing now, are you?
You need to show respect to other kiddo.