During this week we experienced the breakout from the formation I reported on forming last Friday.
The breakout occurred earlier than I hoped as the was just to high to support a large breakout.
As you can see on this , there is a large presence of divergence within the and the .
I don't foresee this to be alarm bells to start looking at an upcoming bear market, but a healthy retraction to get our back out of oversold territory.
While we're on the top of , if we take a look at the weekly for BTCUSDT it is heavily within the oversold region.
This retraction will hopefully bring it back down to just under 75 on the weekly and around 50 on the daily before we see another attempt for the bulls to over come.
My next major point is the I have drawn in yellow, I foresee the Price action to trend sideways or slightly down until it makes contact with the , the following it until another large breakout occurs. This a more likely than a breakdown past the to test the 45MA line.
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The following ideas are general and you should contact a professional financial adviser before acting on any investment as it may not be best for your financial position. This is in no way finical advice, so do you own analysis before acting.
The breakout of the ascending triangle, followed by a traction back to the new support and a strong trend line are all looking bullish. RSI is slowly becoming stronger for another good run and breakout past 9000 soon. Let's all hope that the overhead resistance can be broken.