#BTC #UPDATE - While we have held the black 11650 AGAIN, and are teetering on the edge of the trendline, it seems weakness is setting in.
It is clear there isn't particular desire to buy over 12k and sellers push price back down with ease.
My blue channel which had so much action previously now seems to get passed through with ease too - support even there is fading. On the down side, a fall will possibly have us wicking a bit with support at 11550 and 11400.
However, a break of trend/symmetrical triangle at this point, would target a measured move to just above 11k, filling a bunch of those green line gaps (pink arrows) I've been harping on about! This also aligns with the 70.7 fib for this wave.
This bounce is weak and even on the 5min we are unable to yet make a successful reversal V. I feel we are in distribution and 11650 may soon be taken. But as always, trade what you see - don't assume!
https://www.tradingview.com/x/1sBEQJmh/