A falling wedge is forming and I think its going to reverse somewhere near the last bottom to form a double bottom. Shorts and Longs for BTC are not close at all in contracts. There are way more longs than shorts currently. You can see that shorts are showing bullish divergence on the RSI. Indicating there will be a long squeeze likely coming soon.
This double bottom will be extremely huge. Even If the price dips below the previous bottom. There should show signs of weekly RSI bullish divergence. Also the 200 weekly simple moving average here. This could potentially rocket BTC up to the 5k to 6k level.
This double bottom will be extremely huge. Even If the price dips below the previous bottom. There should show signs of weekly RSI bullish divergence. Also the 200 weekly simple moving average here. This could potentially rocket BTC up to the 5k to 6k level.
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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.