This is a continuation from the BTCUSD pattern discussed on January 26th, 2022.
Recently, Bitcoin’s price broke above a descending broadening wedge (orange lines) pattern in the daily chart.
The daily RSI also broke to the upside from the downtrend (orange line).
The recent price drop from USD$40k to USD$38.3k may be the beginning of a path toward finding support on the descending wedge pattern (green band).
While $38.3k provides support (green horizontal line), support may be found around ~USD$35k (yellow circles), which coincides with the lower Bollinger band.
Recently, Bitcoin’s price broke above a descending broadening wedge (orange lines) pattern in the daily chart.
The daily RSI also broke to the upside from the downtrend (orange line).
The recent price drop from USD$40k to USD$38.3k may be the beginning of a path toward finding support on the descending wedge pattern (green band).
While $38.3k provides support (green horizontal line), support may be found around ~USD$35k (yellow circles), which coincides with the lower Bollinger band.
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Related publications
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.