I've seen a million falling wedge drawings and I'm unsure if I agree with the starting points and the formation of the wedge. I do not believe it should be drawn from BTC's highest point. This is my analysis based off the TA I've studied..
1. Bitcoin Retesting 6k support which was broken down to 5880 earlier in the day.
2. If broken 5880 is the next level of support.
3. If the short term support of 5880 is broken, we will see a test of 06/23 low of 5750.
4. The falling channel is opening and if 5880 support is fully broken today or tomorrow, we can look for a bounce off the lower channel line at the 5400-5200 level if we blow by the 5750 level.
5. If we see a bounce above the 6250 price level with a close on the 4 hour, we can then look for the top channel line for support. If it holds as support, the downward opening channel is terminated.
OSCILLATORS-Daily&4-Hour
1. Currently oversold on the stochastic with both %k and %D flat-lining around 15 level.
2. The MacD daily histogram dying on the negative side, and the MACD signal line approaching the signal line for a cross-over.
3. Heavy selling pressure on the daily with complete engulfing on the candlestick
I have drawn out 3 pattern lines I believe BTC may follow on the short term (drawn within daily time frame). I am surprised we did not retest the 5750 level today yet. Although I believe much of the price action is artificially produced, I do not think we will test the 5-5500 level on this wave down.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 11:30 am (UTC-7) Zone (Los Angeles)
1. Bitcoin Retesting 6k support which was broken down to 5880 earlier in the day.
2. If broken 5880 is the next level of support.
3. If the short term support of 5880 is broken, we will see a test of 06/23 low of 5750.
4. The falling channel is opening and if 5880 support is fully broken today or tomorrow, we can look for a bounce off the lower channel line at the 5400-5200 level if we blow by the 5750 level.
5. If we see a bounce above the 6250 price level with a close on the 4 hour, we can then look for the top channel line for support. If it holds as support, the downward opening channel is terminated.
OSCILLATORS-Daily&4-Hour
1. Currently oversold on the stochastic with both %k and %D flat-lining around 15 level.
2. The MacD daily histogram dying on the negative side, and the MACD signal line approaching the signal line for a cross-over.
3. Heavy selling pressure on the daily with complete engulfing on the candlestick
I have drawn out 3 pattern lines I believe BTC may follow on the short term (drawn within daily time frame). I am surprised we did not retest the 5750 level today yet. Although I believe much of the price action is artificially produced, I do not think we will test the 5-5500 level on this wave down.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 11:30 am (UTC-7) Zone (Los Angeles)