BTCUSD rising wedge approaching 200 MA at 10k.
Updated
I'll play devil's advocate.
Massive bull sentiment right now in the markets, but we are approaching the 200 daily MA which has firmly rejected BTC on the last two attempts. The 200 MA also overlaps neatly with trend line from the previous two lower highs formed on 3/21 and 4/26. Coincidentally, we are also approaching the giant round 10k number.
Notice also waning volume with increasing price since the breakout on 4/12.
Rejection here could lead to a retest of the long-term rising trend line, possibly in the low 7k range now. A breakout supported by big volume would give us the momentum to test the double tops around $11,750.
Massive bull sentiment right now in the markets, but we are approaching the 200 daily MA which has firmly rejected BTC on the last two attempts. The 200 MA also overlaps neatly with trend line from the previous two lower highs formed on 3/21 and 4/26. Coincidentally, we are also approaching the giant round 10k number.
Notice also waning volume with increasing price since the breakout on 4/12.
Rejection here could lead to a retest of the long-term rising trend line, possibly in the low 7k range now. A breakout supported by big volume would give us the momentum to test the double tops around $11,750.
Note
We have broken out of the mid-term uptrend from April and future support has yet to be determined. Going to bed now planning to wake up to BTC under 9k. This idea was a success, though I somehow managed to lose money throughout this ordeal.
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