Bearish pattern in bullish conditions could underperform but if you were to trade this Rising Wedge you could be looking for a breakdown very soon. If BTC was to catch a bounce it would be here but nothing indicates that the selling is close to being done right now. As far as horizontal support levels go we are kind of in the middle of nowhere and there's no help on oscillators. Will be interesting to see what happens tomorrow. Historically patterns like this tend to break to the upside on BTC defying all odds but personally I absolutely wouldn't be taking a long here right this moment.
Note
If it does break down, the target of Rising Wedge pattern is typically the lowest swing low of the pattern. This would be around $45k.Note
58.3k is also a strong horizontal support/resistance level that converges with the upsloping support so it's really do or die for BTC right now, it would really need to hold if we were to avoid huge markdown.Note
Yeah it broke down. Traditional TA target for Rising Wedge breakdown is 45k. Scary, I know.Note
Looks like the bottom might be in at 47k support. Strong reversal with 4h Hidden Triple Bullish Divergence on RSI in oversold territory on daily timescale.
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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.