Will BTC break out of the falling wedge back to 10.400$ zone?
BTC entered a falling wedge, the bottom part of the wedge being formed by the neck of a new, broader H&S pattern. If BTC fails to stay above it, we should have another drop to the target zone at least down to the support around 7900. So far so good, BTC rebounced against the bottom part of the wedge, and we can imagine a consolidating ABC wave (or a new Elliot wave?) that will propulse BTC out of the falling wedge up to around 10.400$, and from there probably all the way up to the neck of the big forming inverse H&S at 11650 (black dashed line on the chart).
We can see a small bullish MACD divergence on the two last lower lows on the 1h chart, supporting the scenario of a positive break out.
Let's see if the MACD divergence is confirming in the coming hours, and if the lower part of the falling wedge resists. Looks like BTC is mainly moving sideways lately, without engaging in a clear trend. In my opinion, that might continue like that during a while, hovering between 8.900$ and 11.600$...
We can see a small bullish MACD divergence on the two last lower lows on the 1h chart, supporting the scenario of a positive break out.
Let's see if the MACD divergence is confirming in the coming hours, and if the lower part of the falling wedge resists. Looks like BTC is mainly moving sideways lately, without engaging in a clear trend. In my opinion, that might continue like that during a while, hovering between 8.900$ and 11.600$...
Comment:
Looks like the MACD divergence is confirmed and I think we are going to break out of the descending wedge, if no bad news arise until then. It might look to something like that...
