Triangle (orange lines) We see a triangle, which is a continuation pattern. --> expectation: upside breakout
Rising wedge(blue lines) However, we could also see a rising wedge, which is a reversal pattern --> expecation: downside breakout
Bearish divergence between price and RSI (red lines) We notice bearish divergence between the price and the RSI: price action is not confirmed by momentum (indicated by the RSI) In general, this would mean a correction
So signals are mixed... time will tell
PS (personal opinion) Personally, I would never short bitcoin, or crypto in general, as to my opinion the crypto-market is in a bull market: there is an upside bias on the long term so why would I take a short position. I don't want to say that I wouldn't take a short position on a 15-min chart, as the upside bias doesn't apply to that timeframe. But on a 4 hour, daily and weekly timeframe I wouldn't short
looks like we finally gonna get a correction? or is this still sideways?
Commandeur
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@fishy, the decrease stopped at the low of 2017/21/11 21:00. That could be providing support
sideways price action is still possible
fishy
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we gonna go sideways? :(
Commandeur
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@fishy, thank you for you comment.
I understand your point
As you may know, a movement sideways is a continuation pattern.
So we may not see a breakout out of the wedge or triangle, but a breakout out of the sideways-trading range to the upside