Bitcoin Update (Falling Wedge + Strong Bullish Divergences)
Bitcoin Update Linear Chart
What do we see on this timeframe (4H candles)?
- possible falling wedge
- back on the lower trendline (bounced on it)
- seems to be finished with Leg E from the Falling wedge
- strong bullish divergences on both the RSI and MACD (MACD stronger)
What do we see on the 1D Candles?
- RSI broken the downtrend, still pretty low
- MACD about to make the positive cross
- Volume getting a bit more
Given the RSI on the 4H timeframe, given the falling wedge scenario and the strong bullish divergences, I'm more strongly getting the feeling that we're on the bottom and almost done.
Which two scenario's are in play here?
1 - breaking out of the falling wedge from here, as in that case E is done. Breaking out, retesting and then we'll be back to the $10.000 zone --> testing whether we can break that psychological resistance.
2 - not breaking out right now --> another retest of the bottom around $6.000, breaking out, staying around the trendline and then we'll be having some sideways.
What do we see on this timeframe (4H candles)?
- possible falling wedge
- back on the lower trendline (bounced on it)
- seems to be finished with Leg E from the Falling wedge
- strong bullish divergences on both the RSI and MACD (MACD stronger)
What do we see on the 1D Candles?
- RSI broken the downtrend, still pretty low
- MACD about to make the positive cross
- Volume getting a bit more
Given the RSI on the 4H timeframe, given the falling wedge scenario and the strong bullish divergences, I'm more strongly getting the feeling that we're on the bottom and almost done.
Which two scenario's are in play here?
1 - breaking out of the falling wedge from here, as in that case E is done. Breaking out, retesting and then we'll be back to the $10.000 zone --> testing whether we can break that psychological resistance.
2 - not breaking out right now --> another retest of the bottom around $6.000, breaking out, staying around the trendline and then we'll be having some sideways.