MichaelvandePoppe

Bitcoin Update (Falling Wedge + Strong Bullish Divergences)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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.
Can you please update this chart?
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out