Looking at the longer term price action of BTC, I can't help but consider the possibility that this is an accumulation zone, according to the Wyckoff method. Price has fluctuated between this zone for over a month now, and has touched the bottom support multiple times, giving "whales" and large players time and opportunity to quietly fill their orders at a low...
It is very clear on any time frame from the 1H to the 4H, that bullish divergence seems to be forming. We are seeing the price slope downwards, while the RSI is making higher lows and sloping upwards. I am long here, expecting a bounce to occur at some point. This bullish divergence has been forming for a while, and I expect the price to follow suit...
Looking on the 4H here, it seems as though we have a descending triangle here that could play out. I can see this triangle touching the bottom support, failing to bounce off of it and instead breaking lower, as descending triangles usually do.
Another thing to pay attention to is the 4H RSI, which is currently in a downward channel. It has recently touched the...
On the 4H chart we see 3 consecutive dojis/spinning tops, with another one forming as well. This indicates a lot of indecision in the market currently, and a big move could be coming in either direction. In my opinion, we will break below the 21 EMA that has been tested a couple times already, and head further down. My target remains the same: 6200-6300.
Stay safe,
Vik
Might be too early to call this, but we have a textbook example of bearish divergence within this wedge that has been forming. We have reached a higher high, with a lower RSI value on the 4H.
Additionally, I don't have my volume indicator visible on the chart, but the previous 2 highs were reached with decent volume, whereas this high has weak volume.
All signs...
