BitcoinLong
BTCUSD hit falling wedge support. What's next?
Updated
- bounce on falling wedge support (reversal pattern)
- volume inscreasing, but slowly
- daily stoch rsi about to cross up
- rsi seems to bounce here, just over 25
May go back to the upside of the falling wedge and a break through, around ~$8500.
A lack of volume / fakeout will bring back down to ~$6035, which if the confluence of bottom line of the falling wedge and lowest low in this falling wedge (Feb 6th).
I may be bullish if current reversal is confirmed.
I'll go long riding the up trend of the falling wedge.
- volume inscreasing, but slowly
- daily stoch rsi about to cross up
- rsi seems to bounce here, just over 25
May go back to the upside of the falling wedge and a break through, around ~$8500.
A lack of volume / fakeout will bring back down to ~$6035, which if the confluence of bottom line of the falling wedge and lowest low in this falling wedge (Feb 6th).
I may be bullish if current reversal is confirmed.
I'll go long riding the up trend of the falling wedge.
Note
Bearish hidden divergence on 1h and 4h which confirms that we may retest $6275 first, which could be a good place to watch carefully for an entry point.Note
As said 2 days ago, we're close to a support re-test.Watch carefully, can go both directions, but may be good entry price in both case.
I'm still expecting a bounce up.
Note
So far so good, good pump yesterday, but for now:- entering 4H cloud
- no tk cross yet, tenkan being $300 below kijun
- chikou is above the price
- restested 50% fib on yesterday's leg
- have to break strong resistance between $6850 and $7000.
- a close above $7000 will open door to the reversal
Zoomed in 4H chart:
Note
Re-tested ~$6870 resistance and get rejected.
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