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Medium and long term bullish on BTC. Just short term bearish based on the price-action. Expecting the swing low of 17,600 to remain intact, but some price weakness is inbound.
Based mostly on 4hr bearish divergence - higher highs are shown as lower highs on the RSI. At a minimum it is a sign of reducing momentum (upward in this case). Drew a target - simply based on the width at the beginning of the larger wedge. There are a number of local support levels marked as well as the stronger resistance 19-21k that could well bring in a lot of demand. Let's see how it goes.
While price has been going up 17600 - 25,000 the price-action hasn't been super bullish and has characteristics of a corrective / motive wave with a lot of wave cross-over.
I notice on the RSI if I draw the smaller wedge on the 4hr RSI - it has already broken out of the bottom trend-line. Could be worth a short. Possibly wait for a breakout of the lower trend-line of the larger wedge.
If it all unfolds like this... I expect price to just flatten off in the 19-21k level and slowly build higher thereafter before gaining momentum over a number of weeks.
Protect those funds.
Medium and long term bullish on BTC. Just short term bearish based on the price-action. Expecting the swing low of 17,600 to remain intact, but some price weakness is inbound.
Based mostly on 4hr bearish divergence - higher highs are shown as lower highs on the RSI. At a minimum it is a sign of reducing momentum (upward in this case). Drew a target - simply based on the width at the beginning of the larger wedge. There are a number of local support levels marked as well as the stronger resistance 19-21k that could well bring in a lot of demand. Let's see how it goes.
While price has been going up 17600 - 25,000 the price-action hasn't been super bullish and has characteristics of a corrective / motive wave with a lot of wave cross-over.
I notice on the RSI if I draw the smaller wedge on the 4hr RSI - it has already broken out of the bottom trend-line. Could be worth a short. Possibly wait for a breakout of the lower trend-line of the larger wedge.
If it all unfolds like this... I expect price to just flatten off in the 19-21k level and slowly build higher thereafter before gaining momentum over a number of weeks.
Protect those funds.