Hi friends, we are looking on the 4-hour chart and 1-day chart in this trend analysis about BTC, on the left side you see the 4-hour chart with detailed actions and on the right side you see the daily chart with a more main view on things. We see BTC consolidating at the 6.5 - 6.9 K level in the last couple hours/days. Also its trading in a big descending wedge for now. This is normally a sign for a trend reversal in the near future.
Now it is pretty sure that we break this descending wedge, but where will it bring us? It could bring us to the 0.5 fibonacci extension witch is at 7700 - 7800 BTC/USD price level, this would be great and a bullish step. Otherwise if we fall downer in the descending wedge we could target the 7000 - 7400 BTC/USD price level as an potential near support/resistance area.
I have a time limit guys!! (and girls)
It is at the 21th - 22th March where the descending wedge is deffinitly ended. You can see it in my chart with the light blue vertical line.
This is the spot where the wedge is technically on its end and we should move higher.
Okay lets go deeper to the MACD, witch is showing us a potential bullish MACD cross. Witch is in fact bullish but it isnt completed so we have an eye on this.
RSI on the 4-hour chart is forming a bullish uptrend line it could break to the downside, when it break this would be bearish. When BTC continues to walk on this uptrend line this would be bullish.
I hope you enjoyed this analysis, have a nice weekend! And good luck with trades everyone!
Now it is pretty sure that we break this descending wedge, but where will it bring us? It could bring us to the 0.5 fibonacci extension witch is at 7700 - 7800 BTC/USD price level, this would be great and a bullish step. Otherwise if we fall downer in the descending wedge we could target the 7000 - 7400 BTC/USD price level as an potential near support/resistance area.
I have a time limit guys!! (and girls)
It is at the 21th - 22th March where the descending wedge is deffinitly ended. You can see it in my chart with the light blue vertical line.
This is the spot where the wedge is technically on its end and we should move higher.
Okay lets go deeper to the MACD, witch is showing us a potential bullish MACD cross. Witch is in fact bullish but it isnt completed so we have an eye on this.
RSI on the 4-hour chart is forming a bullish uptrend line it could break to the downside, when it break this would be bearish. When BTC continues to walk on this uptrend line this would be bullish.
I hope you enjoyed this analysis, have a nice weekend! And good luck with trades everyone!