1hr
We have had very interesting action in Bitcoin today.
BTC Broke below its falling wedge, which is not typical for its type of pattern.
Upon breaking down it was aggressively bought back up all they back in to the wedge and has since floated back down slowly 1%.
1. Very important to note is the amount of volume that we have in this area for a potential short term bounce.
2. Also, we do have a bullish divergence in the RSI, which would also support a short term turn around/bounce.
3. At the moment I think we will be getting a relief rally, and we will see what happens from there. Expected resistance to be in the 6600 area.
The final potential support I have drawn is at 5877, and breaking below that last support should be the final nail in Bessie's coffin and would mean further devastation to the crypto market at large. Bears are winning the game so far, failing to reach the 8k target from the multiple Head and Shoulder pattern, Breaking through the MASSIVE triangle with little to no effort, smashing the 6500 area support, now on the brink entering its last stand at Alamo.
We have had very interesting action in Bitcoin today.
BTC Broke below its falling wedge, which is not typical for its type of pattern.
Upon breaking down it was aggressively bought back up all they back in to the wedge and has since floated back down slowly 1%.
1. Very important to note is the amount of volume that we have in this area for a potential short term bounce.
2. Also, we do have a bullish divergence in the RSI, which would also support a short term turn around/bounce.
3. At the moment I think we will be getting a relief rally, and we will see what happens from there. Expected resistance to be in the 6600 area.
The final potential support I have drawn is at 5877, and breaking below that last support should be the final nail in Bessie's coffin and would mean further devastation to the crypto market at large. Bears are winning the game so far, failing to reach the 8k target from the multiple Head and Shoulder pattern, Breaking through the MASSIVE triangle with little to no effort, smashing the 6500 area support, now on the brink entering its last stand at Alamo.
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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.