UPDATE: BTC/USD - 28/01 - BITSTAMP - 120m TF
In the previous chart:
I had mentioned the possibility of two scearinos: one Bull and another bear with the corresponding arrows marked.
At this time after performing two consecutive head and shoulders patterns where he did two pullbacks on the trendrendlie.
I must clarify that before the second test the fall was potentiated losing the value of - USD 1000 (in a matter of minutes) after the news of the huge hacking happened in the Japanese exchange Coincheck was announced and its consequence was prohibition of all type of withdrawal.
Chart of that day
Finally the scenario became bullish and the BTC surprised us all again with their strength doing a second pullback and began to retest the levels that I marked with the greatest support (S1, S2, S3), now transformed into resistance with the challenge to break.
He made another pullback in the second (S2) and then while writing this chart he went to test trying to break the upper level of the channel but this time transformed into a bullish one.
I had already drawn a possible triangle where, in addition to the recovery, the BTC would consolidate inside them.
Now,
They should try to break S2 but it is possible that the force that had clarified from the beginning, make it back and respect doing the sideways of the channel but to keep in mind that during that behavior zig-zag will be resistors / supports in which the price will be forced and make sub waves, before reaching the levels of the channel.
To see more clearly: http://prntscr.com/i6ry66
Succession of Fractals + Price target
Global chart still solid
I agree the last 2 red lines