Short Term ; Support : 11100 & 11320 || Resistance : 11800 & 11600
BTCUSD manage to bounce from 11100 usd toward 11477 as for now consolidate on 11500 resistance. Down Trendline(red) 2 and 3 coincide around 11600 and 11800 area. i expect a heavy resistance around that area.
As long price action below 2 and 3 down trendline. It still considered a bearish until it could break those downtrendlines with a good bullish momentum.
bearish case for BTCUSD if the rejection from 11600 & 11800 area could form a descending triangle pattern which could bring price down toward +- 10000 area if it there's a weakness on bullish momentum for now.
On 4 hour. Indicators slightly change toward bullish momentum while it's still considered weak for now. Bullish divergence on OBV while CCI and CMF remain in struggle to get unto bullish zone.
Thank you for your time to read this post and please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
and please feel free to share what your thought on comment section.
peace.