BitcoinLong
Larger Bullish Formations for BTC
BTC has been forming 2 larger bullish descending wedges since ATH in December.
You can see the the RED descending resistance line was retested by the May high and I expect will be retested after hitting the BLUE support line shortly.
The secondary resistance line set by the highs from January through May forms a longer and more shallow wedge, but a bullish descending wedge nonetheless.
I note also that there is some clear bullish Divergence apparent on the MACD which adds to my belief that we will find support on the blue line at around the $6200 mark before heading up to test the red resistance (and potentially out the top, to test the green resistance about it).
Dropping volume is also consistent with the end of a wedge formation.
Overall, even with extended bear market, the longer term outlook looks bullish to me. I'd be looking for a break above the Red resistance line in the next week or two, and potentially a tightening in between our green and blue trend lines potentially into the latter part of this year before a real reversal. I guess only time will tell.
Go easy ladies and gents, I'm a new comer here and would appreciate any feedback. Happy trading.
You can see the the RED descending resistance line was retested by the May high and I expect will be retested after hitting the BLUE support line shortly.
The secondary resistance line set by the highs from January through May forms a longer and more shallow wedge, but a bullish descending wedge nonetheless.
I note also that there is some clear bullish Divergence apparent on the MACD which adds to my belief that we will find support on the blue line at around the $6200 mark before heading up to test the red resistance (and potentially out the top, to test the green resistance about it).
Dropping volume is also consistent with the end of a wedge formation.
Overall, even with extended bear market, the longer term outlook looks bullish to me. I'd be looking for a break above the Red resistance line in the next week or two, and potentially a tightening in between our green and blue trend lines potentially into the latter part of this year before a real reversal. I guess only time will tell.
Go easy ladies and gents, I'm a new comer here and would appreciate any feedback. Happy trading.
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