Rising wedge with declining volume. Highly likely of break down soon. I have laid out my three possibilities for the next short therm move of BITCOIN.
A) Is the most bullish scenario: A Bounce from $37,300
B) Second most bullish scenario: A Bounce off 50MA
C) Bearish scenario: A fall back down to $33,000
What do you think will happen next? Is BITCOIN on its way back to 40k-50k or does BITCOIN reach lower lows?
Post your thoughts in the comments.
A) Is the most bullish scenario: A Bounce from $37,300
B) Second most bullish scenario: A Bounce off 50MA
C) Bearish scenario: A fall back down to $33,000
What do you think will happen next? Is BITCOIN on its way back to 40k-50k or does BITCOIN reach lower lows?
Post your thoughts in the comments.
Note
**Although the idea says short, this was only for the initial move which was correct. I am now bullish (short term)**It has been two days since my short idea where I laid out 3 possible outcomes for the short term. I anticipated the price to breakdown due to declining volume albeit a small amount.
BTCUSD 4hr has chosen route B, the second most bullish scanario (in my eyes) from where we were.
BTC brokedown and bounced off the 50MA and has created a higher high.
This brings us to the next move. I have been keeping a close eye on the 4hr RSI. See the chart attached, the RSI has confirmed a KEY LEVEL as support and this is SUPER BULLISH in my eyes. MACD & RSI lining up nicely. Exepct a run.
A) BTC continues higher and tests 40k resisitence
B) BTC confirms 38k and uses it as a support before rising to 40k
C) BTC plummets back down to 33k
What do you think will happen next? Is BITCOIN bottomed out or is it too soon?
Post your thoughts in the comments
Note
BTC 4hr currently hanging just below the 50MA - It can bounce from here. As long as the RSI stays above 42.
Note
BTC has made new highs and confirmed 41k as support. Bullish price action. lets see how long this can last. Note
BTC met resistance at $45,000 and is currently sitting on the 50ma.
Hopefully a bounce here or from the support band currently in as well.
A or B? Place your bets ...
Note
Now below the 50MA. Bearish. Support is the only thing keeping price above $40k
Note
Back above 50MA. Wee bounce off it to be exact. Will it hold?
A lot of resistence at 45k which stopped us making higher high.
Is BTC forming a triangle or pendant?
Time will tell ...
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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.