Many of the possibilities that BTCUSD will do these coming days. The bottom line is, in my own amateur analysis, is bearish until it touches the 8000's zone. I can say that many retail trades must have had their buy positions at this point in time leaving their tight stop loss few pips below 9200. Diagonal support and resistance lines and arrows gives be the possibility of bounce areas for pullbacks and retracements. However, I'm giving this a 50% chance of probability.
Comment:
With the current bullish price action we are seeing right now at a price of 11580.01 preceded by bullish candles (bullish spinning top) can be a very attractive for buyers. As buyers pile up, the price might suddenly drop below 11000 and enough to cause fear for traders forcing them to close their positions with less or no profit. Retracements within support and resistance lines are mere traps set to give hope for hopeful buyers to hold to their positions and harvest stops placed above resistance levels by sellers until a huge price drops occur whipping most of the stop losses placed below 9200.