Annotations and Ideas provided on chart
Possible Double Bottom, w/ second bottom forming higher low
decreased selling on second bottom
Price trading in oversold territory (below the channel)
Unfilled Gap that also coincides w/ local HVN (not marked)
Presenting a wyckoff accumulation for Bitcoin
The main area of focus on this chart is the JAC (jumping above creek) that we see near the bottom of the trading range.
Price displayed a change in/of character by jumping over the dynamically forming resistance (made by connecting the peaks of the highs) on noticeably higher volume. This illustrates the market...
Dotted Lines = Wyckoff Support and Resistance based of 1W TF
Red Rectangle = 1H Bearish Order Block (supply zone)
Bearish divergence with BB%B (have not checked other price oscillators)
Traded into 71% retracement (popular, i don't know why)
Expecting a drop down to at least 2730.
Confluence of a Rising Wedge and Bearish Divergence on On Balance Volume suggests that downward price action is imminent.
Target illustrated is ideally a minimum target. Price could conceivably go lower.
Hidden Bear Divergence w/ BB %B
Divergence also exists on higher TFs
Divergence exists with a BB %B of length 30 as well
Break down of wedge expected before upward continuation to test 8K as resistance, however targets for Bear Flag are presented in case of downward continuation
There is a High probability, Low Risk Short Set-Up present, but this post...
Expecting another leg down on BTC. Currently watching price action to see if a retest of the bottom of the wedge (or reach towards it) will be featured. It is difficult to prematurely put these events in sequence.
Best course of action would be to wait for a test of the red line that is currently indicated just above current price and observe the reaction to...
Possible Falling Wedge on BCash.
Would expect breakout near 50% fib that has confluence with prior swings highs. The swing highs at resistance may flip into supports which will allow the wedge the break upwards.
Target taken from the height of the wedge and applied to the projected breakout point.