Bitcoin is currently consolidating between the resistance and support line. After observing Bitcoins behavior we can make the following observation(s): - Bitcoin's price bounced when RSI hit oversold condition on the daily. - Bitcoin's daily MACD crossed right after it tested the support line several times.
We can spot the start of a possible Bearish Gartley which could make Bitcoin break the resistance line. This Bearish Gartley would copplete at approximately 10700 USD. The Bearish Gartley, after completion, retraced an average of 18% ( Based on the data used from thepatternsite.com/GartleyBear.html ) If the bearish Gartley completes, followed by an average retrace after the completion of the Gartley, this would result in the perfect retest of the resistance line.