The market is starting slowly recover from this dip and showing bullish patterns that are supporting reversal that's likely going to happen soon. The price is moving inside of the Falling Wedge pattern which is known bullish pattern, MACD is supporting bullish divergence and indicating that sellers are getting exhausted as the selling power is weakening. The price needs to break through of $9.100 - $9.200 levels, Moving Averages and the resistance level of The Wedge to indicate any bullishness.
If it does not manage to hold this area it's likely to push lower and there are support zone where I'd watch for confirmed reversals.
Currently bitcoin is looking more bullish than bearish and likely to push higher.
If you have questions related to this setup, feel free to ask down below and I'm more than happy to answer to your questions!
Things to Remember - Stop-loss orders are strongly recommended. - Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. - Do your homework before investing.
DISCLAIMER: Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
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Breakout got rejected by a bullish candlestick setup and reversed 9k support.
Trade active
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Meeting MA100 resistance level. Likely going to have minor pullback before moving further upwards again.
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It retraced perfectly from the MA100 and now it's continuing it's upward movement. There is coming second possible rejection level which is formed by resistance zone and MA50 level. The price has to break above of MA50 to continue pushing higher.
@EWHALE, this is falling wedge which forms during an uptrend and signals for continuation.
tmille.dekives
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Hey Yarr, that ascending trendline can go back to February 6 low so it is even more relevant!
yarr
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@tmille.dekives, indeed!
braddel
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@yarr, both guys, the trendline has been broken. What do you think now?
phazednb
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nice one yarr!
Fediculous
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What do you think about this?
preya00
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falling wedges are pretty poor performers...
yarr
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@preya00, Depends how do you trade it or what kind of setups you are using. When there are indicators and volume supporting the breakout, then you can say it's going to break for sure. If you are trading it without having setups, then it performs poorly.