BTC Rising Wedge - Earnings Season To Bring BTC Lower?
Hello everyone.
In the past 48 hours, BTC has climbed up to try to retest the resistance level at $22,600. The trend on the weekly TF is still a bearish in a descending channel, on the daily and 4H TF, we can see BTC is in a rising wedge pattern. This assumes the price moves upward with pivot highs and lows converging toward a single point known as the apex.
We saw a similar pattern before breaking below $30K and capitulating to $17.5K, and is a recurring signal that a trend reversal and a continuation of the bear market is occuring.
The daily TF also captures that volume has been decreasing, staying flat for the last few days, on increasing price. This all coincides to confirm the signal from the rising wedge pattern.
Consumer Confidence Index reached a new low in June released July, so I am looking out for earnings to confirm if EPS can come out lower than expected for most major companies, which would confirm the bearish trend should continue long-term.
Let me know what you think.
In the past 48 hours, BTC has climbed up to try to retest the resistance level at $22,600. The trend on the weekly TF is still a bearish in a descending channel, on the daily and 4H TF, we can see BTC is in a rising wedge pattern. This assumes the price moves upward with pivot highs and lows converging toward a single point known as the apex.
We saw a similar pattern before breaking below $30K and capitulating to $17.5K, and is a recurring signal that a trend reversal and a continuation of the bear market is occuring.
The daily TF also captures that volume has been decreasing, staying flat for the last few days, on increasing price. This all coincides to confirm the signal from the rising wedge pattern.
Consumer Confidence Index reached a new low in June released July, so I am looking out for earnings to confirm if EPS can come out lower than expected for most major companies, which would confirm the bearish trend should continue long-term.
Let me know what you think.
Comment:
Seems like the Biden administration haven't been able to convince oil outputs from Saudi Arabia to increase and thus rocketed back up to over $104 per barrel and may increase chances for 100-point rate hike this month. I'm monitoring this closely.