The eternal battle. In the last analysis I did, BTC chose the uptrend. But now, a new pattern is forming: the rising wedge (purple lines).
As you know, the rising wedge is a bearish pattern. The minimum projection matches with the 78.6% fib of the higher degree wave (all the uptrend). Furthermore, this support was an important resistance/support zone a few weeks ago.
On the other hand, we have an inverse head and shoulders, that has been confirmed. But I didn't see volume enough.
So... we have head and shoulders vs rising wedge. Who will win? We have to be prepared for any situation. I still think that there's an important possibility that correction isn't over. It's very important to be ready if this happen.
The blue area will be very important to see which way BTC choose.
Legal disclaimer: *THIS IS NOT A BUY/SELL SIGNAL. Try to do your own research before trading.*
As you know, the rising wedge is a bearish pattern. The minimum projection matches with the 78.6% fib of the higher degree wave (all the uptrend). Furthermore, this support was an important resistance/support zone a few weeks ago.
On the other hand, we have an inverse head and shoulders, that has been confirmed. But I didn't see volume enough.
So... we have head and shoulders vs rising wedge. Who will win? We have to be prepared for any situation. I still think that there's an important possibility that correction isn't over. It's very important to be ready if this happen.
The blue area will be very important to see which way BTC choose.
Legal disclaimer: *THIS IS NOT A BUY/SELL SIGNAL. Try to do your own research before trading.*
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.