A critical moment is approaching for BTC over the next few hours as the price approaches the top of a wedge (bearish pennant?) which I mentioned a few days ago (white lines).
A slight peak out of the wedge has occurred over the past few hours indicating a potential to break upward which can be seen as supported by a daily MACD cross (not shown). There is still quite a bit more time needed for validation, but if such a breakout occurs, this could propel the price to near the recent Fibonacci targets from 47-52K.
However, there is also likely a possibility of a continuation downward supported by MACD divergence (white line on MACD) as well as indicated by dwindling volume over the past few days.
It looks like the next few hours will be the crucial to watch which way the trend heads and what we might expect over the next few days whether that be a break out upward or a bounce downward.
And of course, this is not meant as financial advice and is only my opinion, but please like or comment if you agree or have any thoughts.
A slight peak out of the wedge has occurred over the past few hours indicating a potential to break upward which can be seen as supported by a daily MACD cross (not shown). There is still quite a bit more time needed for validation, but if such a breakout occurs, this could propel the price to near the recent Fibonacci targets from 47-52K.
However, there is also likely a possibility of a continuation downward supported by MACD divergence (white line on MACD) as well as indicated by dwindling volume over the past few days.
It looks like the next few hours will be the crucial to watch which way the trend heads and what we might expect over the next few days whether that be a break out upward or a bounce downward.
And of course, this is not meant as financial advice and is only my opinion, but please like or comment if you agree or have any thoughts.