Based on BTC 4H chart, it is currently breaking down from a rising wedge support. A break down from this wedge will give us a price target of around $30k.
Furthermore, we can see BTC is unfolding a possible M pattern where it failed to break its previous high at around $43k.
MACD is having a downtrend signal in the 4H timeframe which means we might see a breakdown in the short term.
To invalidate this scenario, BTC must break its previous rising wedge support turned resistance at around
39K and also surge to higher than $43k.
Furthermore, we can see BTC is unfolding a possible M pattern where it failed to break its previous high at around $43k.
MACD is having a downtrend signal in the 4H timeframe which means we might see a breakdown in the short term.
To invalidate this scenario, BTC must break its previous rising wedge support turned resistance at around
39K and also surge to higher than $43k.
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Related publications
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.