BTC - Weekend Dump Might Be Incoming?
We're seeing good upward movement today across the crypto market after a pretty grim Friday.
Looking at the 4H chart, we can see there's a big move brewing soon. Volume has been steadily dropping, we're in a parallel wedge mid-term and a downward channel short-term.
There's the potential for us to break out of the upper bounds IF we see buy volume increase beyond the yellow line. I think this is unlikely.
RSI is looking like a reversal is in the cards short term, overall position is not very healthy.
Only healthy indicator is a full MACD. While this is "Healthy", it can also be a sign of a reversal coming when viewed with other indicators. Afterall, when something goes up, what happens after?
Potential support levels are marked in red dashed lines.
This is not financial advice.
Looking at the 4H chart, we can see there's a big move brewing soon. Volume has been steadily dropping, we're in a parallel wedge mid-term and a downward channel short-term.
There's the potential for us to break out of the upper bounds IF we see buy volume increase beyond the yellow line. I think this is unlikely.
RSI is looking like a reversal is in the cards short term, overall position is not very healthy.
Only healthy indicator is a full MACD. While this is "Healthy", it can also be a sign of a reversal coming when viewed with other indicators. Afterall, when something goes up, what happens after?
Potential support levels are marked in red dashed lines.
This is not financial advice.
Comment:
Looks like a breakout, watch for a retrace around 19.3k
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