We have seen bitcoin's reverse pattern play out on the shorter time frames. Although we expected the pattern to complete at higher price ranges, we have seen bitcoin stall and slowly bleed out. However, could this be a setup for the short term?
- We are seeing relatively weakening histograms on the moving average convergence divergence ( ). We could potentially see a golden cross on the .
- Prices are showing a potentially very setup, with a descending
- If bitcoin were to show a breakout from current levels, we could see it pass through the resistance where it's the weakest.
- We have strong support at the 0.5 FIbonacci support, which is the 7.2k that has been holding for a while.
- However, as the general trend is still , if the support for this descending were to break down, the setup would be negated.
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