Bitcoin / TetherUSUpdated Rising Wedge/Bearish Divergence and a Potential channel 4h
We are still in the rising wedge and we formed a lower Highs on the RSI while having Higher highs candles which is a bearish scenario
If we break out of the channel then we could see a continuation of BTC going sideways unless we break 23.5k
points to watch out for:
breaking out from the bearish divergence
breaking under 24.2k with a candle close
Green lines are the support lines
HIgher Edge of the horizontal channel is the main breakout point
I believe that BTC and crypto market in general having a bullish momentum after CPI report and having fear greed scale back to neutral.
We have a strong chance of breaking out to the upside, But be cautious while we are still on a bear trend and the volatility to the downside
is much higher.
If we break out of the channel then we could see a continuation of BTC going sideways unless we break 23.5k
points to watch out for:
breaking out from the bearish divergence
breaking under 24.2k with a candle close
Green lines are the support lines
HIgher Edge of the horizontal channel is the main breakout point
I believe that BTC and crypto market in general having a bullish momentum after CPI report and having fear greed scale back to neutral.
We have a strong chance of breaking out to the upside, But be cautious while we are still on a bear trend and the volatility to the downside
is much higher.
Note
the RSI text should be Bearish Divergence*Note
As we broke from the rising wedge we continued the downfall until we hit the support line around 23.8kBTC would be channeling in a horizontal channel
if we confirm a bounce, we expect to see BTC try to break 24.2k resistance again
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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.