BTC – first, the big picture analysis. The whole move higher from the November 21 swing low is analysed as a fourth wave correction. This keeps the medium-term bias firmly skewed to the downside.
The intraday chart highlights an Expanding Wedge pattern. We can see a 3-5-5 formation, which is common in corrective patterns. The yearly point of control is seen at 94,016. This has attracted profit-taking this morning, with institutional traders soaking up liquidity. In summary, I'm bearish on the cryptocurrency major
The intraday chart highlights an Expanding Wedge pattern. We can see a 3-5-5 formation, which is common in corrective patterns. The yearly point of control is seen at 94,016. This has attracted profit-taking this morning, with institutional traders soaking up liquidity. In summary, I'm bearish on the cryptocurrency major
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Please ask me for a current Discord link
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.