BTC forming a rising wedge!

Taking a glance at BTC's hourly chart, it becomes apparent that the price has been forming a rising wedge pattern, which is commonly considered a bearish signal. Furthermore, the price has exhibited weakness through multiple bearish divergences across various timeframes. As a result, it would be prudent to monitor this rising wedge for a potential breakout. In the event of an upward breakout, it would be wise to observe the 32k level, as it represents a crucial resistance point. Conversely, a downward breakout could cause the price to fill the Fair value gaps displayed in the chart.

It is crucial to note that there is an unfilled CME gap located at 35.7k. It is plausible that the price may close this gap before reverting to a downtrend.

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Comment:

Broke down!

Comment:

Fair Value Gap filled!