BTC DAILY UPDATE (day 161)

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Previous analysis/position: Seeing indications that $6,800 would breakdown (Wyckoff Distribution and bear flag) but having a hard time believing that we would break down a major area of support after being oversold. Short ETH:USD from $450.
Patterns: Potential 6 month Wyckoff Accumulation on the daily (as pointed out by CarpeNoctom).
Horizontal support and resistance: R = $7,250 and $7,500 | S = $6,800
BTCUSDSHORTS: Broke out of downtrend and building fast.
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12 = -3.8% | 26 = -3.41% | Will they make a bearish crossover?
50 & 128 MA’s: 50 = acting as support | 128 = -6.17%
FIB’s: 0.236 = $5,920 | 0.382 = $8,496
Candlestick analysis: Hammer and spinning top at support.
Ichimoku Cloud: Finding support at the bottom of the cloud. Kijun-sen acting as resistance at $7,100
TD’ Sequential: Red 8 at support.
Visible Range: Point of control over last 24 hours = $6,940 | Low volume nodes at $7,000 have been filled. Still significant resistance above at $7,140. POC over last 5 days = $7,257 with resistance built up to $7,500. POC over last month = $7,438. When looking back 1 year there is resistance stacked from $7,100 - $8,200
BTC’ Price Spreadsheet: 12h = +2.46% | 24h = +1.69% | 1w = -8.15% | 2w = -15.51% | 1m = +7.63%
Bollinger Bands: Finding support from bottom daily band. Below MA on weekly.
Trendline: N/A
Daily Trend: Chop
Fractals: UP = $8,300 | DOWN = $6,083
On Balance Volume: Bear div' on daily. OBV created a lower low while BTC’ has climbed 1.32%
ADX: -DI > +DI, ADX getting ready to cross below 25 which would indicate no trend. Over the past year it has not stay below 20 for long.
Chaikin Money Flow: Found support at 0, will it be able to cross back above 0.05?
RSI (30 setting): Expect it to resist 50 on daily and weekly.
Stoch: Thought %K was going to cross below %D by now on weekly. Buy signal on daily.

Summary: When looking at the 1 hour chart we can see some resistance at $7,150. If BTC’ cannot break through that price in the next 12-24 hours then I am expecting a sharp reversal to the downside. If it can get through $7,150 resistance then there will be more waiting at $7,250 and $7,500.

The Wyckoff Accumulation that CarpeNoctom pointed out does give me some concern. That is the only bullish pattern/indicator/chart that I am giving credence to. If that is real then this would be the last throwback before the markup phase starts.

For a number of reasons I am still holding onto my $4,200 - $4,500 target and will continue to be a confident bear for the foreseeable future. I am viewing $8,500 as the largest area of resistance, due to the VRPR. If we can break through that area on high volume then I will reconsider my stance.