Hi, fellow traders,
We are looking at a Bitcoin 4h chart.
While majory of people were expecting a break down last night (GMT+9 my time), Bitcoin unexpectly breaked up. It went up above the uptrend line (the green). After that, it was clearly rejected by 55 ema (yellow). Although Bitcoin is sitting above the green trendline, it is still within a falling wedge (purple), and it is squeezed in a very small area.
I believe it will fall down to the 6K area or further more, but there is still a good chance that it would break above breaking out of the falling wedge by looking at two indicators: RSI and OBV. Both of them are pointing up. only MACD histogram is showing a downtrend.
Given the chart, I think breakout will occur within 7 hours from now. Even if Bitcoin decides to break up out of the falling wedge, it will soon confront with 55 ema resistance and 100 ema where tons of resistances.
In conclusion, the chances are: we may see a one more push, then soon heading down. It will be a short lived pump unless whales are really manipulating and tricking us.
Happy trading all.
We are looking at a Bitcoin 4h chart.
While majory of people were expecting a break down last night (GMT+9 my time), Bitcoin unexpectly breaked up. It went up above the uptrend line (the green). After that, it was clearly rejected by 55 ema (yellow). Although Bitcoin is sitting above the green trendline, it is still within a falling wedge (purple), and it is squeezed in a very small area.
I believe it will fall down to the 6K area or further more, but there is still a good chance that it would break above breaking out of the falling wedge by looking at two indicators: RSI and OBV. Both of them are pointing up. only MACD histogram is showing a downtrend.
Given the chart, I think breakout will occur within 7 hours from now. Even if Bitcoin decides to break up out of the falling wedge, it will soon confront with 55 ema resistance and 100 ema where tons of resistances.
In conclusion, the chances are: we may see a one more push, then soon heading down. It will be a short lived pump unless whales are really manipulating and tricking us.
Happy trading all.
Comment:
As predicted, we have one more push, passed 55 ema. The push occurred right before the candle closed. Let's see where we go from here, but let's not get FOMO'd.