Bitcoin BTC in a Broadening Wedge/ C&H
i've used the Bitcoin chart on Binance because data shows me on coingecko it has the highest trading volume.
**On the Monthly timeframe,**
, bearish divergence on the WaveTrend is spotted. even when Using another indicator like the RSI or MACD it will reveals the same divergence. This downward pressure is reflected in the current price action. The Fibonacci retracement from the last Higher Low to the Higher High gives us levels that are often respected; the first orderblock has been mitigated and coincides with an old Monthly level, which triggered an upward reaction. The support line, aligned with the 50 EMA, is a "critical" level that could be tested. Losing this level could cause a drop towards the 
25K, it may sound unrealistic but is quite possible, given similar moves in the past and the current macroeconomic times globally. Yes i know its a +60% from ath but go check nov ‘21 till nov ‘22. like Mark Twain would say: "History does'nt repeat himself but it often rhymes" my message would be that its something you should keep in mind, just in case.
**On the Weekly timeframe**,
, the WaveTrend shows that once it moves into the negative, strong upward moves often follow. The Stoch RSI is at low levels, which may create buying pressure. Although volume remains low, but previous price increases have also occurred under low volume conditions. The price still seems to be moving within the broadening wedge, and the support line could be retested. The price targets of the broadening wedge and the potential cup & handle formation are close to each other, though the volume for the cup isn't ideal, but I still want to consider the formation.
**On the Daily timeframe, **
, after the All-Time High (ATH), a clear Change of Character (ChoCh) is visible, with lower highs and lower lows confirming the downtrend. What you're looking for is the break of this downward trend—think of an upward break in structure by printing higher highs and higher lows. The previous two highs haven't been tapped yet, so I expect reactions at those levels.
**Conclusion:**
Depending on the support and resistance levels that are tested. Indicators like the WaveTrend and Stoch RSI suggest that a reversal is possible, but I still expect the lower support level to be tested as well. be Looking for the break of this downward trend—think of an upward break in structure by printing higher highs and higher lows.
**Resistance levels:**
- $69,000 (a point of resistance)
- $73,777 (ATH)
- $85,300 (bullish TP from broadening wedge)
**Support levels:**
- $48,950 (Fibonacci 0.382)
- $47,000 (Weekly support/FVG)
- $37,330 (bearish TP from broadening wedge)
*Disclaimer: This is not financial advice. Always do your own research and carefully assess your risks.*
**On the Monthly timeframe,**
25K, it may sound unrealistic but is quite possible, given similar moves in the past and the current macroeconomic times globally. Yes i know its a +60% from ath but go check nov ‘21 till nov ‘22. like Mark Twain would say: "History does'nt repeat himself but it often rhymes" my message would be that its something you should keep in mind, just in case. **On the Weekly timeframe**,
**On the Daily timeframe, **
**Conclusion:**
Depending on the support and resistance levels that are tested. Indicators like the WaveTrend and Stoch RSI suggest that a reversal is possible, but I still expect the lower support level to be tested as well. be Looking for the break of this downward trend—think of an upward break in structure by printing higher highs and higher lows.
**Resistance levels:**
- $69,000 (a point of resistance)
- $73,777 (ATH)
- $85,300 (bullish TP from broadening wedge)
**Support levels:**
- $48,950 (Fibonacci 0.382)
- $47,000 (Weekly support/FVG)
- $37,330 (bearish TP from broadening wedge)
*Disclaimer: This is not financial advice. Always do your own research and carefully assess your risks.*
Tims.Technische.Analyse by TIMTIBBO
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.
Tims.Technische.Analyse by TIMTIBBO
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.