BTC looks to have gone up quickly today, but then after coming back down it now just broken out of a descending wedge (red line with the blue line bottom) and now has broken down out of a seperate wedge with regard to RSI on the daily chart.
There is also bearish divergence (white line on RSI) that has been going on for months as well as losing the short term support (purple line) and falling into longer term supports (white and yellow lines). I suppose the good news is this will maybe get me to remove some lines and unclutter my charts.
It is still early, so there is still the possibility of a fake out and shoot upwards, particularly with some possible jumps back up to the upper trend on RSI (white line), but I figure if we stay below the lower trend on RSI (red line) this could potentially go fairly badly in the short term.
The point I a especially watching is around 50-51K. There seems to be strong support here that could also cause a bounce that leads to an upward channel (white lines) but if this does not hold, there are some large risks to watch out at 43K for a potential double top scenario leading to some significant down trends.
Curious if anyone sees something differently that signifies any good news on the horizon. If so, feel free to leave a comment.
There is also bearish divergence (white line on RSI) that has been going on for months as well as losing the short term support (purple line) and falling into longer term supports (white and yellow lines). I suppose the good news is this will maybe get me to remove some lines and unclutter my charts.
It is still early, so there is still the possibility of a fake out and shoot upwards, particularly with some possible jumps back up to the upper trend on RSI (white line), but I figure if we stay below the lower trend on RSI (red line) this could potentially go fairly badly in the short term.
The point I a especially watching is around 50-51K. There seems to be strong support here that could also cause a bounce that leads to an upward channel (white lines) but if this does not hold, there are some large risks to watch out at 43K for a potential double top scenario leading to some significant down trends.
Curious if anyone sees something differently that signifies any good news on the horizon. If so, feel free to leave a comment.