Falling wedge on 15min time frame, bounce should occur soon
Falling wedge is a bullish pattern. RSI for 5mins, 15mins and 1 hour are close to over sold.
Having said this, we have now lost the 4 hour higher low and the daily higher low. BTC mid term is not looking good at all.
Having said this, we have now lost the 4 hour higher low and the daily higher low. BTC mid term is not looking good at all.
Comment:
We are still within the wedge. Hourly hammer pattern forming too. Short term target is 9700-9800 roughly. Then we will probably see another fall to below 9454 (current lower low on daily time frame) and begin weekly consolidation. We've had 4 green weeks in a row and I think some weekly consolidation this week will help us push higher during the 14 May week.
Comment:
Hourly candlestick is more like a dragonfly doji than the hammer. Let's see if we can get a good bullish candle in the next hour.
Comment:
We have broken out of the wedge. There's not much bull volume though, which is concerning.