We are facing BITCOIN confirming the limits of Rising Wedge (a pattern that antecipates the next downward moviment). The price is close to the main limit tendency (red line), near the Ichimoku resistency and touching again the border of Rising Wedge (there are much barriers to broke without volume to do it). I'am out of the market in this time because this specifically form has a power to move the price 50% down (it means if we broke the edge at 25k, we will encounter support only in 12.5K). Be careful and protect your principal.
Analysis:
-the volume continue keeps falling as we walk to the wedge tip;
-the window to go UP is ending (considering amount of the candles that we see in the last months);
-the Stochastic shows divergence and weakness about the last three tops;
-the MACD shows exaustion at the upward moviment;
-the RSI shows divergence and is near the value 70 (above this point the price will be overbought);
It seems that the price could have a quick moviment at any time and much traders will be surprised.
Analysis:
-the volume continue keeps falling as we walk to the wedge tip;
-the window to go UP is ending (considering amount of the candles that we see in the last months);
-the Stochastic shows divergence and weakness about the last three tops;
-the MACD shows exaustion at the upward moviment;
-the RSI shows divergence and is near the value 70 (above this point the price will be overbought);
It seems that the price could have a quick moviment at any time and much traders will be surprised.
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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.