🅱️ Bitcoin | Normal Correction Expected!
Updated
Here we have a nice and classic pattern on the Bitcoin Futures (BTC1!) daily chart.
This pattern is a rising wedge which is predominantly bearish. When it shows up, it tends to predict lower prices.
Bull volume peaked 16-October, more than 1.5 months ago.
After this date, the daily trading volume has been dropping steadily. This signal supports the rising wedge as a bearish pattern.
The RSI peaked 25-October while Bitcoin peaked 24-November and here we have a month long bearish divergence.
The RSI has been trending lower since it peaked a month ago. This signal also supports a correction or down-move developing next.
Finally, we have multiple gaps that were left open on the way up. These can work as a magnet for Bitcoin's price.
Things can change and the charts signals can become invalid based on how the price changes.
While the bearish signals remain in place, we keep a bearish bias.
If the bearish signals are negated, we become bullish.
We follow the market, we trust the chart.
Namaste.
This pattern is a rising wedge which is predominantly bearish. When it shows up, it tends to predict lower prices.
Bull volume peaked 16-October, more than 1.5 months ago.
After this date, the daily trading volume has been dropping steadily. This signal supports the rising wedge as a bearish pattern.
The RSI peaked 25-October while Bitcoin peaked 24-November and here we have a month long bearish divergence.
The RSI has been trending lower since it peaked a month ago. This signal also supports a correction or down-move developing next.
Finally, we have multiple gaps that were left open on the way up. These can work as a magnet for Bitcoin's price.
Things can change and the charts signals can become invalid based on how the price changes.
While the bearish signals remain in place, we keep a bearish bias.
If the bearish signals are negated, we become bullish.
We follow the market, we trust the chart.
Namaste.
Comment
While we have a new high today, the "rising wedge" pattern is still valid.This is a bearish pattern.
Be careful.
Thanks for the support.
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