Macro Broadening Wedge Pattern| MA Support| Declining Volume
Evening Trader’s
What a historic day in Bitcoins price – assessing the situation, Bitcoin is trading in a probable broadening wedge pattern on the weekly timeframe.
Points to consider,
- Immediate trend parabolic
- Resistance line tested
- Moving Average support
- RSI crossed 50
- Stochastics projected up
- Volume tapering of
BTC has had an insane pump from the low, consecutive weekly green candle closes breaking all structural resistances and cleaning up the CME gap.
Current resistance being a staunched one was tapped, further solidifying its importance. The Moving Average, 21, visually coming in as support which can hold true for the time being.
RSI has crossed 50, historically this indicates and uptrend on the weekly whilst this stochastics is projecting up, momentum is shifting.
The bull volume nodes are declining with an evident volume climax on the lower timeframes, suggesting temporary top being in.
Overall, in my opinion, BTCUSDT is due for a correction after this significant rise. The wick represents profit taking, BTCUSDT is not officially out of the woods until we break this pattern.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.” ― Yvan Byeajee,
What a historic day in Bitcoins price – assessing the situation, Bitcoin is trading in a probable broadening wedge pattern on the weekly timeframe.
Points to consider,
- Immediate trend parabolic
- Resistance line tested
- Moving Average support
- RSI crossed 50
- Stochastics projected up
- Volume tapering of
BTC has had an insane pump from the low, consecutive weekly green candle closes breaking all structural resistances and cleaning up the CME gap.
Current resistance being a staunched one was tapped, further solidifying its importance. The Moving Average, 21, visually coming in as support which can hold true for the time being.
RSI has crossed 50, historically this indicates and uptrend on the weekly whilst this stochastics is projecting up, momentum is shifting.
The bull volume nodes are declining with an evident volume climax on the lower timeframes, suggesting temporary top being in.
Overall, in my opinion, BTCUSDT is due for a correction after this significant rise. The wick represents profit taking, BTCUSDT is not officially out of the woods until we break this pattern.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.” ― Yvan Byeajee,