Maybe to much drawing, but please let me explain. Price/Market have memory. All we know that economic have cycle, Bitcoin part of world economic ,almost, and may also have memory.
*(1st green square) - Trend A = Trend B( blue). Time term, % growing. im not make up numbers, all done by built-in tools.
1st trend correction (2nd red square) - back to 78.6% Fibbo.
now look at the ongoing situation.
*(3rd green square) Trend B (blue). Perfect. But on his way have strong resistance levels, pink ovals (1.2.3)
now price pass Oval.4 and 3. and sure will try to fight with o.1-2. But what next.
where will have deep corrections?
Y = 4,000$, and Trend A correction.
or Z= Trend B begging.
RSI also have important informations. And can see that Trend B, is going under RSI trend line. But already formed new trendline.
*(1st green square) - Trend A = Trend B( blue). Time term, % growing. im not make up numbers, all done by built-in tools.
1st trend correction (2nd red square) - back to 78.6% Fibbo.
now look at the ongoing situation.
*(3rd green square) Trend B (blue). Perfect. But on his way have strong resistance levels, pink ovals (1.2.3)
now price pass Oval.4 and 3. and sure will try to fight with o.1-2. But what next.
where will have deep corrections?
Y = 4,000$, and Trend A correction.
or Z= Trend B begging.
RSI also have important informations. And can see that Trend B, is going under RSI trend line. But already formed new trendline.