Faibik

Bitcoin | Falling Wedge Formation in 1h timeframe..!!

Long
BYBIT:BTCUSD   Bitcoin / U.S. Dollar
#BTC #BTCUSD (update)


In 1h timeframe, Bitcoin Has been forming Falling Wedge Pattern & RSI printing Bullish Divergence as well ( Bullish )

Expecting Upside Wedge Breakout but Bulls Need Some Volume ..!!

In Case of Breakout, Target Would be Around 10780. ( Bitcoin Might Retest 9940 As well Before Upside Move)




Rising Wedge Already Broken Down With Strong Bearish Volume But So far Bulls Defending the KEY Support Area (10.2k-10.4k)

Now, If Bulls lost the Support Area , Expecting Another Bearish Wave towards the 9.6k (Unfilled gap)

In Case of Bounce Back From Here, Bitcoin might retest the 11k Resistance AREA .(For that Bulls Need Strong Volume )


Bitcoin Dominance



In Weekly timeframe , Bitcoin Dominance Has been Moving in Descending Channel & At the Moment, Holding Major Support Area (60%)

According to Channel formation, I'm Expecting Another Lower High (Might test the 64% ) in Coming days.

IMO, It's not a Good time to Buy or HOLD altcoins Because Majority of Alts Already at PEAK & Need Correction for Another Bullish Wave📈


FYI, FYI, There is a Unfilled CME gap as Well in 9645-9925 Range. (We're So Close)



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Comments

very nice work +++
+1 Reply
Faibik PolarHusk
@PolarHusk Thank You for appreciation and support
Reply
Good idea
+1 Reply
Faibik CryptoCheck-
@CryptoCheck- Thanks for Appreciation
Reply
Good work
+1 Reply
Faibik Saeed966
@Saeed966, Thank You Mate
Reply
Good Analysis
Reply
thanks for sharing and great call! Agree with your bullish bias, this is what I see on BTCUSD:
Reply
@FXCM, nicely done
Reply
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