BTCUSD Falling Wedge Breakout|Local Resistance|Declining Volume
Evening Traders,
Today’s Analysis – BTCUSD – forming a falling wedge pattern that is YET to be confirmed. A break of resistance needs to come to fruition before a long trade.
Points to consider,
- Bullish falling wedge
- Apex approaching
- Demand Zone (Strong support cluster)
- RSI below 50
- Stochastics projecting higher lows
- Volume Declining
The local trend is in a falling wedge formation that will break in either direction as the immediate support and resistance converge.
The formation is bullish so the probability of breaking up is higher.
BTC has a strong demand zone, a historic cluster where price is likely to wick down if the wedge breaks bearish.
The RSI is currently below 50; bias is still bearish in the market, however the stochastics is projecting higher lows.
Initial indication of momentum shifting in the shorter term
The volume is clearly declining; indication of an influx being imminent which further solidifies that BTCUSD is in a true pattern.
Overall, in my opinion, a break will occur, leading to a trade opportunity. A break bullish needs to be back with increasing volume. The technical target of the falling wedge is in confluence with the current local resistance.
What are your thoughts?
Please leave a like and comment,
“There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.” – Jack Schwager
Today’s Analysis – BTCUSD – forming a falling wedge pattern that is YET to be confirmed. A break of resistance needs to come to fruition before a long trade.
Points to consider,
- Bullish falling wedge
- Apex approaching
- Demand Zone (Strong support cluster)
- RSI below 50
- Stochastics projecting higher lows
- Volume Declining
The local trend is in a falling wedge formation that will break in either direction as the immediate support and resistance converge.
The formation is bullish so the probability of breaking up is higher.
BTC has a strong demand zone, a historic cluster where price is likely to wick down if the wedge breaks bearish.
The RSI is currently below 50; bias is still bearish in the market, however the stochastics is projecting higher lows.
Initial indication of momentum shifting in the shorter term
The volume is clearly declining; indication of an influx being imminent which further solidifies that BTCUSD is in a true pattern.
Overall, in my opinion, a break will occur, leading to a trade opportunity. A break bullish needs to be back with increasing volume. The technical target of the falling wedge is in confluence with the current local resistance.
What are your thoughts?
Please leave a like and comment,
“There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.” – Jack Schwager