BTCUSD Testing Lower Pattern Bounds

2 mars 2020

BTC is currently in one of the two white more bold triangle patterns, however it does seem to be at a temporary bottom with regard to both of them, losing much of its volume, and could swing up at least partially for one of the wedges if things hold up. Currently facing resistance on the 50 (white) and 200 (red) daily SMAs which it just lost support with. A continuation down would make this downtrend more parabolic-looking, and face heavy resistance in the purple 8300-8400 range near the bottom where the 100 daily SMA (blue) is. If we start closing below that, a much more bearish situation at play.

Horizontal lines are Breakers/Supply+Demand Zones traced over from another indicator. Can serve as strong support or resistance. Dashed line is the 50% point of each one, and solid lines are the top/bottom of the zone.