BTC/USD-Potential Rising Wedge
Overview: A possible rising wedge could provide an opportunity to short-sell or buy back at a lower price.
Arguments:
1.As we can see from the Volume indicator, the recent rise in price has not been met with much increase in volume, providing merit for our rising wedge argument.
2.An Increase in Price has been met by downward sloping movement on the Price Oscillator, indicating Negative Divergence.
Confirmation of this pattern:
1. Wait for Price to break lower support line.
2. Chaikin Money Flow will become downward sloping.
3. We will see a Bearish spike on the volume chart, indicating selling pressure.
Arguments:
1.As we can see from the Volume indicator, the recent rise in price has not been met with much increase in volume, providing merit for our rising wedge argument.
2.An Increase in Price has been met by downward sloping movement on the Price Oscillator, indicating Negative Divergence.
Confirmation of this pattern:
1. Wait for Price to break lower support line.
2. Chaikin Money Flow will become downward sloping.
3. We will see a Bearish spike on the volume chart, indicating selling pressure.
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