BitcoinUpdated BTCUSD 4hr Critical Levels Update
On the 4 hour, a break down of a micro wedge within the macro wedge may trigger the creation of a head and shoulders pattern, possibly triggering the breakdown of the macro wedge. If this happens, the next major decision point would take place at the 200 daily sma. If it acts as support, more bullish action seems likely. If it gets rejected there, I anticipate a steep leg down.
What do you think?
What do you think?
Note
Maybe something like this?Note
I think Fib channel is probably more helpful in seeing what's going on under the hoodNote
Still very strongly inside the wedge. A run to 51k is possible, but there's also an interesting triangle forming with the multi timeframe RSI on the daily. I believe that indicates a decisive move is coming, but I'm not sure in which direction.What do you think? 51k OR , test the lower support at 44k which would trigger a breakdown of this massive ascending wedge?
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.
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.