Formed a rising wedge after the bounce off the trend line. Currently testing support but RSI is already starting to break support.
Possible drop to the trend line once broken out of the wedge.
Short once support is broken (bottom of wedge)
After the break out from H&S pattern, BTC is now forming this descending triangle in the 1hr chart.
If we break the downward resistance or top line of triangle we can see the price reach back up at the top of triangle or green line.
In case we get rejected at resistance we can see price test resistance at bottom of triangle, red line.
If we break the support of...
In this descending triangle. Usually a bearish pattern.
The long wick is telling us the bears are strong and it pushed the price back in the triangle.
If we break the local support we can see a retest of the major support which is the bottom of the triangle.
28k and 24k are major support areas to watch if it breaks down of the triangle.
Inside this ascending wedge. It is commonly a bearish pattern.
As long as the price stays within the wedge we can see new all time highs of 1500.
There is an estimate of 14-15 days for it to complete the pattern.
Looking to test critical resistance (pink line) if price gets rejected possible fall into bottom line of wedge and possible break down.
In a descending broadening wedge. This is a bullish pattern usually indicates a reversal of a trend.
Currently testing resistance. Resistance has been tested twice and the bulls are looking strong. We can see an increase in price upto the top of the channel if we break up.
The bearish scenario can take the price down to 30k-28k
I'm just currently waiting for...
Forming an ascending channel on the 4hr chart. Testing crucial resistance. If it breaks up of the resistance possible continuation of the channel and possible new ATH's
In case we get rejected, price can retest trend line as support but with the higher probability of breaking down.
I think this can be the local bottom as the wick is accompanied with high volume.
Testing solid resistance level. Also showing resistance from the ema ribbon. We could see a drop to next support at red line. If it doesn't bounce there, It's possible to reach the bottom of channel at 1k high 900 levels.
I think this is just a retracement, getting momentum for the next leg up.
In an ascending channel. Testing solid resistance. If we break up possible re-test on ATH's. If we break down and break the channel we can see a drop upto bottom of channel or next major support which is the red line.