I'm taking a zoomed out look for the 3D BTC chart so we can see the big picture but get a long-term target as well. If we zoom out on Bitcoin, we can see a huge 3D descending wedge that is still very far from breaking out, but has good long-term support/resistance levels to watch out for (long teal lines). Although with that, we can see the bullish divergence playing out on the Stoch RSI (indicator is rising while the price was declining). Now we've seen BTC hold support at the 18,900 level and showing no signs of breaking (orange horizontal line). This, coupled with the double bottom pattern on the VMC divergence indicator (bottom indicator) leads me to believe we're still heading to 25k over the next couple of weeks.
My only apprehension against a 25k BTC within the next couple of weeks is the downward trend being formed on the Stoch RSI (as pointed above with the red arrow and teal trend line). This would lead us to form a channel over the next couple of weeks until it's broken which would mean sideways movement for BTC. While this initially sounds like a bad thing, it would give alts the chance to pump while BTC takes a breather. I'll be watching for both scenarios over the next few days and keep you updated!
If you enjoyed my TA or had any questions, please leave them in the comments below or send me a DM :)
My only apprehension against a 25k BTC within the next couple of weeks is the downward trend being formed on the Stoch RSI (as pointed above with the red arrow and teal trend line). This would lead us to form a channel over the next couple of weeks until it's broken which would mean sideways movement for BTC. While this initially sounds like a bad thing, it would give alts the chance to pump while BTC takes a breather. I'll be watching for both scenarios over the next few days and keep you updated!
If you enjoyed my TA or had any questions, please leave them in the comments below or send me a DM :)
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🌎 Website - cryptoscripts.com
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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.
🤝 Let's Connect:
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
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.