Bitcoin traders should be alert to the risk of renewed downside with the price forming a rising wedge pattern that often signals weakness ahead. While it's holding for now, the narrowing range suggests price momentum is fading, increasing the risk of a breakdown.
If the signal proves accurate, traders could establish shorts beneath wedge support with a stop above for protection. The obvious target would be the key 200DMA where the price bounced strongly from on March 11.
RSI (14) and MACD are both grinding higher, reinforcing the need to see a bearish price signal first before considering the trade.
Good luck!
DS
If the signal proves accurate, traders could establish shorts beneath wedge support with a stop above for protection. The obvious target would be the key 200DMA where the price bounced strongly from on March 11.
RSI (14) and MACD are both grinding higher, reinforcing the need to see a bearish price signal first before considering the trade.
Good luck!
DS
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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.
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.