Something else to watch out for is the RSI divergence forming on D1 + ascending broadening wedge, possibly signalling a trend reversal. All of this near a very important level of 48-50k from which the sell off begun in May. Could this be a massive bearish retest? This could add extra confluence to the previously shared bearish weekly outlook and we can see that one start unfolding.
Note
4H chart - BTC and ETH are going in tandem. Broke out of their formations and flipped support into resistance. Might be a good place for a short on one or both of them.
Note
Forgot to add - RSI rejected at 50 on bothNote
Overlooked the fact we were at 50 RSI on 12H and a bounce was likely. Invalidated for now.
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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.