BTC is showing very heavy resistance from multiple indicators and trendlines. The bottom may be in, but since this is the first back test of a S/R flip, that would mean a correction to retest support before moving up is most likely.
Bearish Confluences:
My prediction is we see a confirmed rejection here and retrace and revisit the lows at $18K, which is also the target for the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
Bearish Confluences:
- 20 EMA on weekly
- Weekly RSI downtrend
- 100 Day MA
- Bearish daily candle closes
- High volume at resistance
- Horizontal S/R flip
- Previous S/R flip
- Inverse Cup & Handle
- Daily Ichimoku Cloud
- Daily overbought
- Rising wedge on daily
My prediction is we see a confirmed rejection here and retrace and revisit the lows at $18K, which is also the target for the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
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