BTC oversold on the daily RSI for the first time since July of last year. Daily RSI has broken the first downtrend line (dotted), but still has a ways to go before challenging the next (solid). On a shorter timeline, a rising wedge looks to have formed with potential for downward break... we may not be out of the woods quite yet. Will BTC double bottom and bounce from 6k lows, or break lower and start a real panic? Volume on the last bottom was high, but not anything extraordinary when looking back over the last several months...
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despite breaking out of the rising wedge, btc bounced hard at 8k and is moving upwards again. lots of resistance to push through here, convergence of both the wedge and fibonacci, but if BTC pushes through, the falling wedge will have broken and there may be a quick upshot in price. daily RSI looks promising.
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finding resistance at 50 day SMA and 0.382 fib retracement
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big moment to watch....
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could it be??
a little sloppy, but just an idea.
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a breakout at the edge of the right shoulder would result in some serious upward price swings. we are forming a rising wedge however, so there will likely be some downside correction first. sentiment is high however, with most TA now recognizing this inverse H&S and expecting breakout, so anything could happen.
@ultracoin, posting someone else's chart in several analyses without any commentary of your own... are you a bot to get TomProTrader more views? Seems likely...