If it keeps steadily up from here (at 13,400-13,600), I'm seeing an inverted Head & Shoulders forming that at 14,000 could signal the bottom is in and a reversal back up for a New Year's rally in the making. That's what it appears to be doing at this point and if so would lift up the whole market. Although, it may decide to retest the lows first to bounce back up off of. Hard to say at this point.
Of course, "this is not financial advice". I'm just sharing my research, thoughts and ideas.
Wishing you all Happy New Years and All the very best wishes of luck in your trading ;)
I think we seeing BTC testing 12K x 3 times now which is not a good sign. If you look at BTC at 16K, the same happened where it could not push higher. Now the 12K formation is much larger, but I think it's showing something about BTC testing a price on the bottom and the reality that BTC testing a price is not like typical markets as when BTC tested a price (up or down) it will break. Is for this this reason that double tops and double bottoms in the BTC market behaves differently to typical markets.
It is for this reason that I suspect the 16K pattern will repeat and we will see 10K, if not 8K, before this is over.
Inspirar
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@silmaril0875, Yeah, that's certainly still possible until we get something more solid confirming either way. For my idea to play out we need a strong volume run up through this resistance area to get on top of it and turn it to support to carry on up enough to break through the 16,000 resistance level too.
It is for this reason that I suspect the 16K pattern will repeat and we will see 10K, if not 8K, before this is over.