BTC is showing very heavy resistance from multiple indicators and trendlines. The bottom may be in, but since this is the first back test of a S/R flip, that would mean a correction to retest support before moving up is most likely.
Bearish Confluences:
My prediction is we see a confirmed rejection here and retrace and revisit the lows at $18K, which is also the target for the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
Bearish Confluences:
- 20 EMA on weekly
- Weekly RSI downtrend
- 100 Day MA
- Bearish daily candle closes
- High volume at resistance
- Horizontal S/R flip
- Previous S/R flip
- Inverse Cup & Handle
- Daily Ichimoku Cloud
- Daily overbought
- Rising wedge on daily
My prediction is we see a confirmed rejection here and retrace and revisit the lows at $18K, which is also the target for the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
3d art director and crypto hodler
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3d art director and crypto hodler
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.