BitcoinShort
BTCUSD Rising Wedge formed on the 4H
The 4H BTCUSD chart is showing the formation of a rising wedge and we are closed to the end of this pattern formation. It is incredible how BTC has reached these levels surprising everybody. However, a healthy correction is needed to maintain the trajectory to 100K this year. It is likely (with 70% of probabilities) that this rising wedge is broken down and we hit at least 25-26K next week. Then, this might continue correcting down to 17-19K in the following weeks in order to continue the uptrend.
The reason I give 70% probabilities to this is:
1. The weekly RSI is record high at 92%.
2. There is a strong bearish divergence on the 1H, 4H and 1D charts (when comparing with MACD and RSI indicators).
3. We also have this rising wedge that normally is considered as a bearish sign, indicating a correction soon.
4. The Crypto Fear & Greed index has been record high at around 95 the last few weeks. We never been at this level for so long.
5. The bull market is just starting and we have not got any correction the last 4 months.
Remember that this is only for training and informational purposes and it is non financial advice.
The reason I give 70% probabilities to this is:
1. The weekly RSI is record high at 92%.
2. There is a strong bearish divergence on the 1H, 4H and 1D charts (when comparing with MACD and RSI indicators).
3. We also have this rising wedge that normally is considered as a bearish sign, indicating a correction soon.
4. The Crypto Fear & Greed index has been record high at around 95 the last few weeks. We never been at this level for so long.
5. The bull market is just starting and we have not got any correction the last 4 months.
Remember that this is only for training and informational purposes and it is non financial advice.
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