BTC Rising Wedge
Updated
BTC-USD 1D Chart
Price dropped slightly below previous ATH.
Although huge rising wedge has been formed, actual uptrend might continue if price will hold a trend line - orange.
Candle closed below bottom line of rising wedge will confirm formed bearish pattern and we might see 57k or 50k again.
4H-1W : RSI and MACD look little bit overbought on multiple timeframes and we would like to see them to cool down.
1W : RSI still in potential bearish divergence.
30min - 2H : RSI and MACD looks optimistic for a short bounce up.
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I am not sure about next market direction, sitting on my hands now and waiting for a signal. Patience is a key.
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This is not a financial advice
Do your own research.
Price dropped slightly below previous ATH.
Although huge rising wedge has been formed, actual uptrend might continue if price will hold a trend line - orange.
Candle closed below bottom line of rising wedge will confirm formed bearish pattern and we might see 57k or 50k again.
4H-1W : RSI and MACD look little bit overbought on multiple timeframes and we would like to see them to cool down.
1W : RSI still in potential bearish divergence.
30min - 2H : RSI and MACD looks optimistic for a short bounce up.
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I am not sure about next market direction, sitting on my hands now and waiting for a signal. Patience is a key.
-------------------------------------------------------------------------------------------------------------------------------------------
This is not a financial advice
Do your own research.
Comment
On the way to orange trendline, It will be very interesting to watch the price action at the level of previous ATH and at 60k - strong technical and psychological support.
Comment
Minor trendline was broken, chart fis forming new downtrend channel / potential bullflag.
Comment
Nearly in contact with trendline.
Comment
Landed.
Comment
Fundamental analysis of drop with onchain data by Willy Woo :https://twitter.com/woonomic/status/1383841368829677568?s=201
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