Hi Traders,
As we can see on the Bitcoin chart, BTC is at the end of the big funnel (wedge) which started in May '18. Yesterday a pump on price occurred due to the tether dump, this caused the BTC price to pass the first resistance line (light red) but was unable to build enough momentum to pass the second resistance line (dark red) before returning to within the funnel range.
If we take a look at the RSI, Bitcoin continued to stay in this funnel, we will probably see another push up in price over the next few days.
If the RSI stays above the critical green line combined with the a A-E Elliot triangle (Bullish sign) we might be able to escape the funnel from the top. Otherwise if bad news affects the market or the RSI goes below the critical line we might see a push out from the bottom of the funnel.
As we can see on the Bitcoin chart, BTC is at the end of the big funnel (wedge) which started in May '18. Yesterday a pump on price occurred due to the tether dump, this caused the BTC price to pass the first resistance line (light red) but was unable to build enough momentum to pass the second resistance line (dark red) before returning to within the funnel range.
If we take a look at the RSI, Bitcoin continued to stay in this funnel, we will probably see another push up in price over the next few days.
If the RSI stays above the critical green line combined with the a A-E Elliot triangle (Bullish sign) we might be able to escape the funnel from the top. Otherwise if bad news affects the market or the RSI goes below the critical line we might see a push out from the bottom of the funnel.