Falling Wedge aligning with important Fib level and oversold RSI
First and foremost: I am a noob, still learning and have a very limited understanding of what I am doing here.
This is my personal interpretation of the current situation:
BTCUSD is at the 0.618 Fibonacci level which aligns with the lower bound of the falling wedge (reversal pattern). The RSI is oversold and my gut feeling is that many people have put their buy orders around this level as they want to see the right shoulder of the inverted H&S pattern to develop.
I think the price will go up from here (or at least will not fall much further for now).
What do you think?
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
This is my personal interpretation of the current situation:
BTCUSD is at the 0.618 Fibonacci level which aligns with the lower bound of the falling wedge (reversal pattern). The RSI is oversold and my gut feeling is that many people have put their buy orders around this level as they want to see the right shoulder of the inverted H&S pattern to develop.
I think the price will go up from here (or at least will not fall much further for now).
What do you think?
--- DISCLAIMER ---
This information is NOT a trading, investing, buy, or sell advice.
This information is a personal opinion and to be used for educational purposes only.
II think that BTCUSD currently forms a bull-flag. On the 4h chart, the MACD is about to form a bullish crossover, and the RSI looks fine as well. Therefore, I would guess that BTCUSD will move upwards soon, which makes it more likely for the right shoulder of the inverted H&S to be completed.