Bitcoin Thoughts
1) Falling wedge with price making lower highs and lower lows but the lower lows support angle is flattening, signalling a bottomed out structure
2) RSI making higher lows and price making lower lows which signals a potential reversal with a standard bullish divergence. The falling wedge with the standard RSI divergence is a solid indicator price could reverse here. I would look for a break of the resistance downtrend line that is the top part of the falling wedge.
3) Longer-Term: An Adam & Eve setup is not out of the question for Bitcoin. This looks really good on the 3 day chart as it is more compact but here we see it works out well too as I printed the mirrored fractal of the first part of Eve. This would coincide with a break of the falling wedge as well. If Eve plays out we would retest the strong resistance around 11.6k in the middle of May, May 16th, if the fractal plays out exactly. From there, a break of the 11.6k resistance with strong volume would verify the double bottom Adam and Eve setup leading to a bullish season. We are very early in this setup but it is one to keep an eye on that could very well be in play and would signal this is around the double bottom area. It also would coincide with a bullish spring, post-tax season as well as June futures.
Not financial advice, DYOR.
1) Falling wedge with price making lower highs and lower lows but the lower lows support angle is flattening, signalling a bottomed out structure
2) RSI making higher lows and price making lower lows which signals a potential reversal with a standard bullish divergence. The falling wedge with the standard RSI divergence is a solid indicator price could reverse here. I would look for a break of the resistance downtrend line that is the top part of the falling wedge.
3) Longer-Term: An Adam & Eve setup is not out of the question for Bitcoin. This looks really good on the 3 day chart as it is more compact but here we see it works out well too as I printed the mirrored fractal of the first part of Eve. This would coincide with a break of the falling wedge as well. If Eve plays out we would retest the strong resistance around 11.6k in the middle of May, May 16th, if the fractal plays out exactly. From there, a break of the 11.6k resistance with strong volume would verify the double bottom Adam and Eve setup leading to a bullish season. We are very early in this setup but it is one to keep an eye on that could very well be in play and would signal this is around the double bottom area. It also would coincide with a bullish spring, post-tax season as well as June futures.
Not financial advice, DYOR.