BITCOIN = BULLISH Divergence + Falling Wedge (Reversal Pattern)
Hello Crypto World,
Bitcoin has been going down effecting most of the alt-coins but lets see whats going on?
Positives =
+Bullish divergence on all indicators which is very nice :)
+Falling wedge which is a reversal pattern of current trend, bearish to bullish.
+Fib Retracement at 50% and respecting that level but 61% is last resort.
+We broke out of the major resistance trend line (green dots) and using as support which means we might bounce off of that. Major +resistance becomes major support.
Negatives =
- Death Cross on the 4hr but 6hr looking better.
- Still in bearish or retracement trend.
- 200ma being disrespected and respected but time will tell.
- Still making lower LOWs and Lower HIGHs.
Conclusion = waiting for lower LOWs and higher HIGHs.
Bitcoin has been going down effecting most of the alt-coins but lets see whats going on?
Positives =
+Bullish divergence on all indicators which is very nice :)
+Falling wedge which is a reversal pattern of current trend, bearish to bullish.
+Fib Retracement at 50% and respecting that level but 61% is last resort.
+We broke out of the major resistance trend line (green dots) and using as support which means we might bounce off of that. Major +resistance becomes major support.
Negatives =
- Death Cross on the 4hr but 6hr looking better.
- Still in bearish or retracement trend.
- 200ma being disrespected and respected but time will tell.
- Still making lower LOWs and Lower HIGHs.
Conclusion = waiting for lower LOWs and higher HIGHs.
