Hope you all are doing great amid COVID-19 scare. I wish good health to you and your loved ones
Let us look at what the charts are showing us. Best appreciation would be LIKES on the idea if this helps you.
This is a very simple analysis of the confluence of 2 indicators - Resistance line and the Rising wedge with declining volume.
If you can see the Red line, it has acted as a strong support line for long and now has been acting as a strong resistance line and it lies around 6894$. BTC just made a high of 6893$ and is now resting at 6733$ (at the time of publishing this idea). I think we have another push there and then exhaust.
Further, we also have a rising wedge pattern with declining volume which again is a bearish signal and i think we will break down from 6900-6950$ levels to reach to sub 5000$ levels or may be lower.
Hit Like button if you LIKE what you see and do give us a follow.
Thanks,
Yo Crypto
Let us look at what the charts are showing us. Best appreciation would be LIKES on the idea if this helps you.
This is a very simple analysis of the confluence of 2 indicators - Resistance line and the Rising wedge with declining volume.
If you can see the Red line, it has acted as a strong support line for long and now has been acting as a strong resistance line and it lies around 6894$. BTC just made a high of 6893$ and is now resting at 6733$ (at the time of publishing this idea). I think we have another push there and then exhaust.
Further, we also have a rising wedge pattern with declining volume which again is a bearish signal and i think we will break down from 6900-6950$ levels to reach to sub 5000$ levels or may be lower.
Hit Like button if you LIKE what you see and do give us a follow.
Thanks,
Yo Crypto
Comment:
Working pretty well as of now. A daily break below 6450$ will trigger a move down to levels as mentioned above in the idea.
