We are sitting on a prior consolidation level (230-235). These are the possible outcomes:
235 holds, we break up, inverse H&S resolves, target 280-290
235 breaks resulting in a meassured move down to 180
Last time market retested such a major consolidation level from above, OBV was in a downtrend, thus price continued the downtrend.
Rightnow we have a similar situation only that OBV is in an uptrend. This may be a hint for a bullish resolution of this situation. Also we have a tripple bottom with long wicks at this level, suggesting strong support. Large volume is required to create a convincing breakdown.
Check out the charts linked bellow for more details about my bullish bias here.
Depends on how long we stay above 210. once that level breaks, support down to 180 is thin.
If you ignore that we are in a year long downtrend, one could argue we are still in a range between 210-300. There are sevel hints that BTC is trying to consolidate it's fair value in this range. For the price it would mean spending atleast half a year more in this range. All time moving averages are within this range aswell as the average cost for minners to mine a bitcoin. So it wouldn't surprise me if we consolidate more within this range instead of continueing the downtrend in the manner everybody expects.