Bitcoin is forming a dark rising wedge towards 6k
Updated
Hi traders,
I want to share with you the possible formation of a rising wedge. This is a bearish pattern.
Price can move as high as 78xx before making a major drop
I think it is likely that this will retest 7k support and probaly break it to send us back to the 6x range.
I've added some sellstop price levels depending on if the price gets there. You should always be aware that this pattern could break earlier then expected.
So I'm going to move my stop higher depending on where the price is gonna go.
In the RSI there is constantly bearish divergence forming. This also already shows the signs of a weak trend.
In order to invalid the rising wedge the price should break out of this formation with power.
If we look at Ethereum the same formation is found. This gives us another confirmation of darkness
Looking at the weekly hart we can see that we are following 2014 in terms of RSI.
We also had a final green week before breakdown. A relief move before entering the darkness.
We are also still confirming 50 ema as resistance which is bad.
Thanks for reading trade safe and make your own decisions.
Greetings,
Vincent
I want to share with you the possible formation of a rising wedge. This is a bearish pattern.
Price can move as high as 78xx before making a major drop
I think it is likely that this will retest 7k support and probaly break it to send us back to the 6x range.
I've added some sellstop price levels depending on if the price gets there. You should always be aware that this pattern could break earlier then expected.
So I'm going to move my stop higher depending on where the price is gonna go.
In the RSI there is constantly bearish divergence forming. This also already shows the signs of a weak trend.
In order to invalid the rising wedge the price should break out of this formation with power.
If we look at Ethereum the same formation is found. This gives us another confirmation of darkness
Looking at the weekly hart we can see that we are following 2014 in terms of RSI.
We also had a final green week before breakdown. A relief move before entering the darkness.
We are also still confirming 50 ema as resistance which is bad.
Thanks for reading trade safe and make your own decisions.
Greetings,
Vincent
Note
It looks bad. Pattern is almost completed. Forming bearish divergence on the 1 hour.We are super close to a major support. If we take out 7097 market structure is broken and selling will accelerate.
Weekly EMA 50 is constantly rejecting us. Really has to get above 7800 to provide any form of bullishness. I have my sells stops just under the wedge support
Note
Bitcoin is just too weak. Couldn't break the 50 weekly ema at 76xx Continuation of downtrend is now in play. My stops are hit im short.
Note
I expected a bit more selling pressure here guys.. But if you look at other coins like ethereum and some other alts for it is like nothing happend.. Usually everything goes down together. Proceed with caution not exactly sure what to expect next.
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