Descending broadening wedge|Probable Trade Set Up|KEY Resistance
Hello Traders,
Quick update today on BTCUSD, where we have a potential long opportunity
Points to consider,
- Trend consolidating
- Local resistance to break
- EMA’s neutral
- Stochastics neutral
- Volume declining
BTC has been consolidating on this lower time frame in a descending broadening wedge formation, which can be a bullish continuation.
Local resistance is a key level to break for a confirmed continuation.
EMA’s are currently trading neutral, holding price as support currently, but does look weak. The stochastics is currently also neutral; a break in either direction is probable.
Volume is visibly declining, indicating an impulsive move is imminent
Overall, in my opinion, BTC will eventually break as it comes close to its apex. A break bullish is more likely due descending wedge, confirmed only when resistance is broken.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee
Quick update today on BTCUSD, where we have a potential long opportunity
Points to consider,
- Trend consolidating
- Local resistance to break
- EMA’s neutral
- Stochastics neutral
- Volume declining
BTC has been consolidating on this lower time frame in a descending broadening wedge formation, which can be a bullish continuation.
Local resistance is a key level to break for a confirmed continuation.
EMA’s are currently trading neutral, holding price as support currently, but does look weak. The stochastics is currently also neutral; a break in either direction is probable.
Volume is visibly declining, indicating an impulsive move is imminent
Overall, in my opinion, BTC will eventually break as it comes close to its apex. A break bullish is more likely due descending wedge, confirmed only when resistance is broken.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee