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...
As you can see we have Bitcoin sitting at a pretty key price level in this upward trend, I feel there is no good enough direction of price to take a position as we have not confirmed that resistance is broken so we may fall back to the 0.236 level on the Fibonacci and test the lower levels of the trend we are currently in.
It looks like we could see a golden pocket retracement to the 0.168 range on the Fibonacci then possibly get a bounce after that. Invalid below 7700. If you enjoy my trading ideas/ analysis join t.me for more free analysis and free Btc signals.
On the 1-4 hour chart we see a swing high and a swing low plotted. As the Fibonacci shows it looks like we could easily see higher price ranges in the next couple of days. I am expecting a $300-$500 bounce.