MeatTC
Short

Broadening Descending Wedge Failed Reversal

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As indicated on the chart, we've tested the upper trendline of the descending broadening wedge repeatedly and have not been able to close above. Further, there is a hidden bearish RSI divergence forming, which would indicate underlying weakness of this retracement in the downtrend. If there is no close above the upper trendline I would expect new yearly lows in the near future, potentially a capitulation event.
market's not ready for a bull run just yet. we need to see 5200-5500 to stay on point with the descending wedge for "the bullrun"
+1 Reply
@raydar07, Remember when we had to get above 11700 again to be termed bullish? Now when anything jumps above 6200 people want to call it a bull rally. lol
+2 Reply
raydar07 Jeff_Cryptopop
@Jeff_Cryptopop, LoL..predictable humans. no wonder these algos are cleaning out their wallets.
+1 Reply
@raydar07, Very true.
Reply
MeatTC Jeff_Cryptopop
@Jeff_Cryptopop, bullish is a matter of perspective isn’t it? You can be bear on a larger timeframe but expect a bullish intervening period
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