BTC has been trading in a narrowing range since it hit the rock-bottom level of $3,456.
The consequent recover to $4,400 set clear borders for the triangle, or wedge. According to textbooks, the price should explode after this narrowing.
The question remains is whether this explosion will lift the price up or drag drastically down.
The Relative Strength Index is still somewhat lower, but not a disaster.
Before $4,400, there is some resistance at $4,051 which was the initial low after the granddaddy of coins lost $5,000. Further resistance above $4,400 awaits at $4,600, the recovery line in mid-November.
On the downside, we find $3,825 which initially capped Bitcoin on its recovery attempt. It is followed by $3,675 that provided some support on the way down. It's then down to $3,456 and finally $3,000.
All in all, the current recovery pattern looks like a "dead cat bounce", especially considering today's 4% fall in under 20 min.
Not a trading advice, just an opinion.
The consequent recover to $4,400 set clear borders for the triangle, or wedge. According to textbooks, the price should explode after this narrowing.
The question remains is whether this explosion will lift the price up or drag drastically down.
The Relative Strength Index is still somewhat lower, but not a disaster.
Before $4,400, there is some resistance at $4,051 which was the initial low after the granddaddy of coins lost $5,000. Further resistance above $4,400 awaits at $4,600, the recovery line in mid-November.
On the downside, we find $3,825 which initially capped Bitcoin on its recovery attempt. It is followed by $3,675 that provided some support on the way down. It's then down to $3,456 and finally $3,000.
All in all, the current recovery pattern looks like a "dead cat bounce", especially considering today's 4% fall in under 20 min.
Not a trading advice, just an opinion.
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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.