Hello Traders,
Looking at the chart for Bitcoin we can see price fell out of that large triangle formation and hit the 0.854 retrace with a wick. The price has rallied 90% so far from the low and is in a rising wedge formation. The daily 100 and 200 ma's are converging right on the bottom trend line of that triangle, which is now acting as resistance. I have marked the area in red as an obvious zone for resistance.
Price is in a rising wedge which can break both ways but bears will be filling short orders somewhere at the top of this wedge $7350-7400. I expect it to break upwards forcing shorters to cover, this move will then suck in some longs to take the price upto that obvious resistance zone. Maybe a scam wick upwards for maximum reckage then the dump will commence.
Will be looking for loss of momentum as price reaches the red zone.
Looking at the chart for Bitcoin we can see price fell out of that large triangle formation and hit the 0.854 retrace with a wick. The price has rallied 90% so far from the low and is in a rising wedge formation. The daily 100 and 200 ma's are converging right on the bottom trend line of that triangle, which is now acting as resistance. I have marked the area in red as an obvious zone for resistance.
Price is in a rising wedge which can break both ways but bears will be filling short orders somewhere at the top of this wedge $7350-7400. I expect it to break upwards forcing shorters to cover, this move will then suck in some longs to take the price upto that obvious resistance zone. Maybe a scam wick upwards for maximum reckage then the dump will commence.
Will be looking for loss of momentum as price reaches the red zone.
Note
A closer look at the target area.Note
Warming to this I H+S.Note
That I H+S did not happen. There is hidden bull div on the 4hr RSI. Not a massive fan of hidden bull div but it is there. Price is also testing the trendline on that rising wedge. It either bounces here or falls out the wedge.Note
Price fell out of the wedge but is now getting close to the red zone. Note
Feels like a weekend bull trap. This is the 6th consecutive green week. Red zone still in play. Note
Looking at the charts there is the possibility of a 2nd target here, the weekly 50 MA and that trend line.Note
Yes I had a feeling that second target would come into play. Interesting to see what happens here... Note
Note
this looks like it wants to go higher. any higher then previous top this idea is done. Note
Price is in a triangle and can break both ways. Maybe bulls want to keep pushing this until halving but there is a longstanding trend line which will act as resistance. Note
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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.