$BTC analysis (daily timeframe)

These are my trend lines on high time frame (1D)
We’re in this big descending wedge

*Why do I draw those (particular) line and not the descending triangle for example?*
When I draw a line, I like it to be also support resistance on a different momentum
You can see that this resistance was also support during the beginning of the correction phase
You can see that the support was also a resistance during the last bull phase of the previous cycle

So even if it can be a bullish pattern (needs to be validate before) the big trend is bearish for now (until proven otherwise)
So as the trend is bearish :
- I’ll look lower time frame with a bearish biases
- i’ll build short position during bullish phase of lower time frame
- i’ll prefere being stuck in a short position than a long
This is a trade following strategy, i’m not trying to found the bottom, i’ll get out of my trade only if trend reversal is confirmed

*Where are we now?*
We fail to break the resistance but we didn’t make it to the support (yet?)
It happen already (blue boxes), the market take a rest during the downtrend move after being rejected
On the RSI, we broke the « 50 RSI » line (doesn’t necessarily need to be out 50, it’s a line who is drawn around this one where it support the price several times) and we’re rejected from it (« bearish slingshot »)