NEUTRAL TO SHORT in the short term hours to days
Looking at basic chart patterns, there is a rising wedge indicating a significant drop soon. The volumes have been low and down trending this entire move up. This is a less impressive on a volume scale than the short squeeze that drove prices shy of $10k. Next couple of weeks looking more bearish. Sell in May was...
I am seeing a rising wedge pattern on the 4 hour. Given TD sequential 9s on weekly chart and daily, we are are than due for a significant correction even if as low as 10-20 percent. This will only be invalidated by establishing a new all time high. Trend is looking close to exhaustion.
Looking at TD Sequential theory, If we have another down day and get 9. The highest high of day 9 should be above the lowest low of day 6 to achieve intersection and so on, we could see a reversal. If true would signal a good bu in point.
I did'nt change macro trend lines since the last publication, It seems like a breakout if it maintains this value. Weekly chart continues with bullish sentiment, BTC did not fall below weekly trend resistence.
We might be testing the bottom soon, following this triangle pattern. A bounce off 1285 would be bullish and a possible indication for a breakout. A dip below the yellow line which is a weekly indicator would mark more bearish momentum.
The trend has finally broken out of the ascending wedge pattern and into the correction, unclear how low but I will continue to watch for new entry point maybe around fib retracement targets. Chart is starting to resemble an Elliott wave pattern.
Still not convinced of true breakout, It will likely need to pierce this resistance line to further favor bull run. Still hard for the trend to come away from downside of ascending wedge pattern. Will continue to chart.