Here we are looking at BTCUSD on the Daily TF…
As you can see, we are evaluating Bitcoins local structure, in hopes of figuring out what it may do next.
Let’s begin by looking at the top horizontal (yellow) line. This marks BTC’s MACRO resistance, which previously acted a macro support before it breakdown into the bear market. Currently, BTC is trading in a local broadening wedge, as show on the chart. If BTC breaks down from this zone, I expect a move down to the low $24,000 range. If it breaks to the upside of this wedge, I would expect a preliminary move back to macro resistance.
My bias is that it will break down from the broadening wedge, and move down to the $24,000 range. If this happens, we will assess what bitcoin will do next from that support!
Do you agree? Let me know in the comments!
Cheers!
As you can see, we are evaluating Bitcoins local structure, in hopes of figuring out what it may do next.
Let’s begin by looking at the top horizontal (yellow) line. This marks BTC’s MACRO resistance, which previously acted a macro support before it breakdown into the bear market. Currently, BTC is trading in a local broadening wedge, as show on the chart. If BTC breaks down from this zone, I expect a move down to the low $24,000 range. If it breaks to the upside of this wedge, I would expect a preliminary move back to macro resistance.
My bias is that it will break down from the broadening wedge, and move down to the $24,000 range. If this happens, we will assess what bitcoin will do next from that support!
Do you agree? Let me know in the comments!
Cheers!
To see my exact trades:
Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
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.
To see my exact trades:
Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
Stocks: inthemoneystocks.com/verified-investing-alerts/
Crypto: verifiedinvesting.com/
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.