Hello Traders!
Shorter term analysis on BTC today, we have a falling wedge pattern and a clear bullish divergence coming to fruition. Will bulls have momentum to push price back up to the falling wedge resistance line?
Points to consider,
- Trend traveling between support and resistance
- Local support in confluence with .618 Fibonacci
- Stochastics projected upwards
- RSI respecting trend line
- EMA’s holding price as support
- Volume declining with impulses
The falling wedge pattern is coming close to its apex where Bitcoin eventually will have to choose a direction upon breakout. This pattern is considered to be a bullish formation, so the probability of us breaking north is higher.
Local support has been respected, it is in confluence with the .618 Fibonacci level, giving it more emphasis as a strong base for Bitcoin. Buyers have shown up in this area, further confirming the S/R flip theory.
The stochastics are currently projected upwards, still has momentum stored to the upside for the bulls. The RSI is respecting its trend line, converging from price as it puts in lower lows whilst the RSI puts in higher lows. This signals a strong emphasis on the overall bullish divergence being at play.
EMA’s currently is holding price as support, needs to maintain this for bullish continuation of the trend. Volume however is declining with bull and bear impulses, a break from this falling wedge pattern will be confirmed with an increase in volume.
Overall, In My Opinion, the falling wedge pattern has a high degree of breaking bullish due to the bullish divergence and price holding key local support. We need to keep an eye on volume to avoid a false breakout.
What are your thoughts on the falling wedge pattern?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Shorter term analysis on BTC today, we have a falling wedge pattern and a clear bullish divergence coming to fruition. Will bulls have momentum to push price back up to the falling wedge resistance line?
Points to consider,
- Trend traveling between support and resistance
- Local support in confluence with .618 Fibonacci
- Stochastics projected upwards
- RSI respecting trend line
- EMA’s holding price as support
- Volume declining with impulses
The falling wedge pattern is coming close to its apex where Bitcoin eventually will have to choose a direction upon breakout. This pattern is considered to be a bullish formation, so the probability of us breaking north is higher.
Local support has been respected, it is in confluence with the .618 Fibonacci level, giving it more emphasis as a strong base for Bitcoin. Buyers have shown up in this area, further confirming the S/R flip theory.
The stochastics are currently projected upwards, still has momentum stored to the upside for the bulls. The RSI is respecting its trend line, converging from price as it puts in lower lows whilst the RSI puts in higher lows. This signals a strong emphasis on the overall bullish divergence being at play.
EMA’s currently is holding price as support, needs to maintain this for bullish continuation of the trend. Volume however is declining with bull and bear impulses, a break from this falling wedge pattern will be confirmed with an increase in volume.
Overall, In My Opinion, the falling wedge pattern has a high degree of breaking bullish due to the bullish divergence and price holding key local support. We need to keep an eye on volume to avoid a false breakout.
What are your thoughts on the falling wedge pattern?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
