BITCOIN - FALLING WEDGE - REVERSAL COMING SOON??
Updated
Hey Folks. Jumping right in the bloody water. Bears are pummeling the bulls recently, and lucky for us, our indicators and charts have helped us avoid any loses. The 4 hour chart, 1 day chart and 1 weekly chart still show downtrend is still intact.
On the 4 hour chart, we do see a falling wedge forming. Support currently is 7200 and 6900. The wedge, if true, should bounce on one of these two supports. I will continue to monitor the chart throughout the day and will update if I see anything jumping out.
Overall Summary:
Downtrend still in force. nothing has changed this. Falling wedge has emerged and possible reversal coming as long as trading between the wedge that I drew. MACDs for 1 day, 4 hour, 1 week still shows bearish.
On the 4 hour chart, we do see a falling wedge forming. Support currently is 7200 and 6900. The wedge, if true, should bounce on one of these two supports. I will continue to monitor the chart throughout the day and will update if I see anything jumping out.
Overall Summary:
Downtrend still in force. nothing has changed this. Falling wedge has emerged and possible reversal coming as long as trading between the wedge that I drew. MACDs for 1 day, 4 hour, 1 week still shows bearish.
Note
The chart below has the support and resistance you can use to see where we bounce off. Note
let's try that again:
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