OAXBTC Falling Wedge| Weekly S/R| Swing High| Low Volume
Evening Traders,
Today’s Analysis – OAXBTC- trading in a falling wedge structure holding weekly S/R, a break bullish will see continuation.
Points to consider,
- Bullish chart formation
- Weekly S/R Support confluence
- Swing high immediate target
- RSI diverting
- Volume declining
OAXBTC is trading in a falling wedge pattern that has a higher probability of breaking bullish. Price is approaching its apex, signalling a break imminent in the immediate term.
The weekly S/R is holding true confirming an S/R Flip retest. This level has multiple technical confluence, the 200 DMA & DEMA with the .50 Fibonacci – proving to be a strong trade location.
Activation of the falling wedge will make the immediate target swing high, breaking this level will confirm trend continuation.
The RSI is currently diverting, a reclaim above the 50 mid-point is an early indication of price breaking.
The volume profile is declining, common in patterns as price finds its equilibrium. An influx will signal price breaking leading to an expansion.
Overall, in my opinion, OAXBTC is likely to hold weekly S/R allowing for a long trade with defined risk. Price action is to be used upon discretion| management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“You create your own game in your mind based on your beliefs, intents, perception and rules.”
― Mark Douglas
Today’s Analysis – OAXBTC- trading in a falling wedge structure holding weekly S/R, a break bullish will see continuation.
Points to consider,
- Bullish chart formation
- Weekly S/R Support confluence
- Swing high immediate target
- RSI diverting
- Volume declining
OAXBTC is trading in a falling wedge pattern that has a higher probability of breaking bullish. Price is approaching its apex, signalling a break imminent in the immediate term.
The weekly S/R is holding true confirming an S/R Flip retest. This level has multiple technical confluence, the 200 DMA & DEMA with the .50 Fibonacci – proving to be a strong trade location.
Activation of the falling wedge will make the immediate target swing high, breaking this level will confirm trend continuation.
The RSI is currently diverting, a reclaim above the 50 mid-point is an early indication of price breaking.
The volume profile is declining, common in patterns as price finds its equilibrium. An influx will signal price breaking leading to an expansion.
Overall, in my opinion, OAXBTC is likely to hold weekly S/R allowing for a long trade with defined risk. Price action is to be used upon discretion| management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“You create your own game in your mind based on your beliefs, intents, perception and rules.”
― Mark Douglas