Could btc be forming a top?
Updated
Bitcoin's Potential Top: A Closer Look at the Rising Wedge
Bitcoin's recent price action has formed a technical pattern known as a "rising wedge." This pattern can signal either a continuation of the current trend or a potential reversal.
If Bitcoin breaks below the lower trendline of the wedge, it could indicate a significant price decline. However, if it breaks above the upper trendline, it could signal a continuation of the uptrend.
To make informed decisions, consider the following:
Volume: Decreasing volume within the wedge can suggest a loss of momentum.
Market Sentiment: Bearish sentiment can contribute to a downward price movement.
Fundamental Factors: Regulatory developments and institutional adoption can influence the price.
Remember: Technical analysis is not perfect. It's essential to use it in conjunction with fundamental analysis and risk management strategies.
Bitcoin's recent price action has formed a technical pattern known as a "rising wedge." This pattern can signal either a continuation of the current trend or a potential reversal.
If Bitcoin breaks below the lower trendline of the wedge, it could indicate a significant price decline. However, if it breaks above the upper trendline, it could signal a continuation of the uptrend.
To make informed decisions, consider the following:
Volume: Decreasing volume within the wedge can suggest a loss of momentum.
Market Sentiment: Bearish sentiment can contribute to a downward price movement.
Fundamental Factors: Regulatory developments and institutional adoption can influence the price.
Remember: Technical analysis is not perfect. It's essential to use it in conjunction with fundamental analysis and risk management strategies.
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I would not try to short bitcoin at this time. Open interest for shorts are 62%. Note
My short was not closed but tradingview doesn’t let you repost without updating. Anyways this was correct it was an ending diagonal with an over shoot to 109k which was the local top. Don’t fall for the X TA hype. Note
The not try to short post was when bitcoin as over shooting to 109k. Overall it was a rising wedge or in elliotwave an ending diagonal with an overshoot.
USDT: 0xd3787d843Cf915E5475119459B34b6429827c297
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