It has rejected precisely from line 3 twice and it is at the line again now.
We expect the trend to continue until we see a new pattern.
A new pattern would be a breach of line 3 then line 2.
It would require some major event to push BTC above 10500 which would cause me to be .
However a rejection from line 3 could target a price of 4000 within the next 2 weeks
We are at an important resistance now 10400. Next stop 11350.
We could get a large retracement there. It may be a place to take profit and reenter lower.
Followed by a quick rejection into support on 75centile line of small ascending fork.
Three lines converge at 10am NY time when markets open after 3 days. Maybe it is then that we will see the fireworks.
And i expect it to reach the continuation of line 1 ( top of descending fork) around Feb 21. at a price around 11350
But I am more interested in how price approaches and penetrates the line . For me the most bullish is a slow steady approach which pushes through then gains support ontop of the line. ( see 1 minute chart above for example) The two points that form the upper parallel both had rapid approaches and equally rapid falls.
Unlike other traders, I am neither bullish nor bearish. I just look for the strongest pattern and go with that. When the market changes I change my opinion. If I see price bounce along the bottom of the line and fall away more each time then I become bearish