LAST KISS or FAILURE TO HOLD - BTC LONG TERM WEDGE
Bitcoin has broken it's longer term wedge and has been moving above it for the last several days. There is a very clear divergence on the OBV RSI on the 4hr, OBV RSI & Twiggs MFI on the 8hr and Twiggs MFI on the 12 hr. Failed higher highs all over the place when comparing indicators to price. Breaking this wedge back to the downside would provide large players an opportunity to accumulate more at lower levels and shake out weak hands that have been buying on this last rally.
Conversely there could be support at the trend line and a push higher after correcting to the 1/1 Gan Fan line. The new of a BTC ETF could create a sustained rally into the 1/1 channel which would move us up to higher resistance levels, at which point we would have to analyze the market at that point based on ETF news and other factors.
Conversely there could be support at the trend line and a push higher after correcting to the 1/1 Gan Fan line. The new of a BTC ETF could create a sustained rally into the 1/1 channel which would move us up to higher resistance levels, at which point we would have to analyze the market at that point based on ETF news and other factors.
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