I got rid of the noise by using Renko bars and saw a potential Bear Expanding Triangle in development. An Expanding Triangle is a pattern that starts with the price action squeezed tightly in the Apex (dotted blue line). There will be usually at least two swing highs and two swing lows in price. Overall volume usually diminishes as the pattern develops because traders become more and more unsure as to the market’s future direction. Also there may be several intermediate failed efforts to reach either the support or resistance as outlined by the triangle extensions. If the action creates a new bearish breakdown, typically the action will repeat the volatility experienced with the Pole creation (the vertical thick blue line). We also need to pay close attention to the volume after the breakdown to recognise further development for the pattern. Another breakdown downwards is possible.
@mvogel13, Thank you for your interest in my idea. I updated my most recent chart which is the same as this one. The bars of this chart don't update automatically and I cannot delete this idea.
BTC is still consolidating at the resistance area. But we are in the most important moment. I expect it to go up a bit more where the real battle is: the 200 day SMA (+37K euro). No one knows what will happen but here is my idea:
Scenario 1: If it’s rejected, 29-30k euro is the support that everyone is looking at but I expect it to go lower in the range of my pattern. I’m a holdler and not a trader so I have laddering buy orders placed starting at this range.
Scenario 2: If it breaks the 200 day SMA everyone will be bullish, but be very careful here. BTC always comes back to test the 200 day SMA and always goes below it again and even further down.