Daily analysis XBT/USD 002

Good morning everyone, on todays analysis we will focus on higher timeframes and work our way down to hourly on XBT .

On the daily chart, we are have failed to break the higher high , or the lower low for that matter and are at 7430 High and 7152 Low, we are in an indecisive period or should we say more of a waiting period. Waiting because we are currently in an ascending wedge formation that barely touches the diagonal descending resistance from the big drop on March 20.

The ascending wedge is a bearish formation that forms an ascending recovery funnel after a big drop , but the fact that it might pass over the diagonal resistance line might neutralize this bearish formation and pass to a more bullish approach.

Our recomandation for the day : Stay away until we have a direction , you also win by not losing ! Scalping is possible on lower timeframes but with high risk.

Bonus: Even if decorelated with SPX , XBT might still suffer from an eventual incoming drop.

Follow us on live stream on Twitch for real time analysis and trading tools : https://www.twitch.tv/bitwolf_capital
Bitwolf Capital hedge fund : https://bitwolfcapital.com/