BTC in the last hours broke out of the descending wedge. Will it resume its trend upward? Technically it brokeout and now retesting the wedge. But there are few bearish signs to watch out for. The price action was rejected by the gann fan resistance. The price action formed a bearish divergence on the RSI. the price action completed a bearish harmonic and price currently falling. The 1.618 of the bearish harmonic coincide with the CME gap closure and 4hrs 200 ema.
Watch for 5% failure pattern for the breakout. If price rises above 5% from breakout then upward continuation is confirmed.
Personally I favor a retest of the 4hrs 200 ema and closure of the cme gap. This will confirm long term bullish run, to maybe 22k and even 47k.
Watch for 5% failure pattern for the breakout. If price rises above 5% from breakout then upward continuation is confirmed.
Personally I favor a retest of the 4hrs 200 ema and closure of the cme gap. This will confirm long term bullish run, to maybe 22k and even 47k.
