BTCUSD Daily Rising Narrowing Wedge
Updated
BTC/USD on the Daily
BTC is moving inside a rising wedge with a support that goes back to October of 2023. Rising wedges have a bearish bias.
If the rising support fails to hold, the 50/100 SMA area will likely get a test, and possible the 200 SMA, both of which coincide with major order blocks.
First order block lines up with the .236 fib retracement level.
Second order block lines up with the .382 fib retracement level.
I don't think this move is worth a play in either direction, so this idea is neutral. Just sharing for the sake of sharing.
NFA
Do your own DD
BTC is moving inside a rising wedge with a support that goes back to October of 2023. Rising wedges have a bearish bias.
If the rising support fails to hold, the 50/100 SMA area will likely get a test, and possible the 200 SMA, both of which coincide with major order blocks.
First order block lines up with the .236 fib retracement level.
Second order block lines up with the .382 fib retracement level.
I don't think this move is worth a play in either direction, so this idea is neutral. Just sharing for the sake of sharing.
NFA
Do your own DD
Note
BTC squeezed by converging 50/100 sma
50 Did nor hold, and PA is currently testing a key daily level.
Note
Hit the second target and bounced on dailyNote
48,200 is a major line of defense for the bulls
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