The rising wedge on the lower time frame played out (see previous post) which results in a lower high and the formation of a falling wedge on the daily.
In case this falling wedge plays out, we might/might not have seen the bottom, we need a lot more information to have an idea about this but we can catch a nice move.
To catch this move we have to wait for a resistance break.
May the force be with you!
In case this falling wedge plays out, we might/might not have seen the bottom, we need a lot more information to have an idea about this but we can catch a nice move.
To catch this move we have to wait for a resistance break.
May the force be with you!
Comment:
we found support at $6500 area and broke the falling wedge.
However, BTC is forming a rising wedge on the hourly and we have a bearish RSI divergence.
However, BTC is forming a rising wedge on the hourly and we have a bearish RSI divergence.
Comment:
The rising wedge played out so we didn't manage to make a higher high.
This is not a good sign. We have to stay above this area to have a chance of having a new uptrend.
This is not a good sign. We have to stay above this area to have a chance of having a new uptrend.
Comment:
BTC successfully retested and rejected the previous resistance.
BTC is now forming a triangle. In case we break resistance trend we should expect a move to $7500. If we break support we should expect more downwards movement with $6400 as first support.
Because we broke the falling wedge on the daily and successfully retested it,it is more likely we break in the upside and reach $7500.
BTC successfully retested and rejected the previous resistance.
BTC is now forming a triangle. In case we break resistance trend we should expect a move to $7500. If we break support we should expect more downwards movement with $6400 as first support.
Because we broke the falling wedge on the daily and successfully retested it,it is more likely we break in the upside and reach $7500.
Comment:
We hit major resistance trend line
Bearish pennant broke down, on the way to support of falling wedge.