BTC
Notes:
RSI: Bear Div lead to the downfall from all time highs.
Candles: Double doji at the top was confirmed to the downside by the third engulfing bear candle of the dojis.
Trend: Currently in a bullish channel inside the overall bearish channel which could very well be a bull flag.
Descending Wedge: Volume is relatively low and no RSI or SRSI divergences are occurring. The RSI is at the midpoint and SRSI is close to a KD cross. Would need volume to increase and a break to the top of the light blue upper wedge around 16K with a candle closing outside of the descending wedge followed by a confirmation candle close outside the wedge.
Descending Triangle: Lower highs are occurring and a 3rd could occur around the 15.8k mark. A bounce off the upper trend would be a bearish pattern and we could likely see the triangle being broken to the downside around 13k later this month (around 10 days).
Ultimately BTC is in consolidation and many trends are occurring. Good trading opportunities are within this consolidation but overall a bullish nor bearish pattern has formed. Confirmation must occur through a breakout of the wedge/triange.
PS: Parabolic trendline is still intact. The white curved line at the bottom is the parabolic trend channel but that could be broken within the next few days and certainly would be broken upon a descending triangle breakout to the bottom.
RSI: Bear Div lead to the downfall from all time highs.
Candles: Double doji at the top was confirmed to the downside by the third engulfing bear candle of the dojis.
Trend: Currently in a bullish channel inside the overall bearish channel which could very well be a bull flag.
Descending Wedge: Volume is relatively low and no RSI or SRSI divergences are occurring. The RSI is at the midpoint and SRSI is close to a KD cross. Would need volume to increase and a break to the top of the light blue upper wedge around 16K with a candle closing outside of the descending wedge followed by a confirmation candle close outside the wedge.
Descending Triangle: Lower highs are occurring and a 3rd could occur around the 15.8k mark. A bounce off the upper trend would be a bearish pattern and we could likely see the triangle being broken to the downside around 13k later this month (around 10 days).
Ultimately BTC is in consolidation and many trends are occurring. Good trading opportunities are within this consolidation but overall a bullish nor bearish pattern has formed. Confirmation must occur through a breakout of the wedge/triange.
PS: Parabolic trendline is still intact. The white curved line at the bottom is the parabolic trend channel but that could be broken within the next few days and certainly would be broken upon a descending triangle breakout to the bottom.
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