Get started
EvanGreene

Is more downward movement possible for Bitcoin?

Bitcoin / TetherUS PERPETUAL CONTRACT (BINANCE:BTCUSDT.P)  
EvanGreene  
BINANCE:BTCUSDT.P   Bitcoin / TetherUS PERPETUAL CONTRACT
Trend Analysis Harmonic Patterns Chart Patterns BTC BTCUSDT xbt XBTUSD Relative Strength Index (RSI) Rising Wedge short btcshort Bearish Patterns
4
0
trendanalysis harmonicpatterns chartpattern btc btcusdt xbt xbtusd relativestrengthindex risingwedge short btcshort bearish
Bitcoin tested the resistance zone and got rejected once again and broke our rising wedge downward which was expected seeing all of the buyer exhaustion we saw on the RSI. On the 1hr chart we are seeing some seller exhaustion which could potentially mean some higher prices maybe a small rising wedge but I think we will move sideways for a little bit to let the oscillators reset and then see more downwards movement possibly to the 0.618 level at around 4.8-5k
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.