On February 12, BTCUSD crossed the brown dashed trendline and it seems that the major downtrend ended. However, the new trend is not an uptrend, but a sideways movement. The price of Bitcoin is fluctuating around Pivot Point.
An outbreak of this sideways movement can establish either a new uptrend or a continuation of the downtrend above the brown dashed trendline.
Pivot Point is 8592. Below Pivot Point, there is a bearish scenario, above a bullish one. Fluctuating around Pivot Point means an undecided scenario and a sideways movement.
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BTCUSD just tested the upside of the blue dotted trendline and the resistance R1 level. It could not yet break the double resistance, nor did it bounce. I expect another test of the two resistances.
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How does the scenario look like on the chart with weekly patterns? The candlestick pattern on the bottom shows an undecided situation. The trendline suggests that the major downtrend is still effective.