Looks like the price is being rejected at the descending resistance. This happened before and led to a move downwards followed by a sideways break of the resistance. This could see us move to the top of the channel. Failure here would see us retest 6000 and ultimately lower if a bounce does not happen.
Note: This scenario depends on price closing below the downward resistance. I have already cashed out my trading position today.
Note: This scenario depends on price closing below the downward resistance. I have already cashed out my trading position today.
Note
BREAKOUTNote
... or fake breakout?Note
BTC is stuck in a rising wedge and facing a lot of resistance. I'd say wait before buying :)if it breaksout well okay, if it falls then look for a bounce on the pitchfork lines
Note
more indications that this is fake breakout Note
We're testing that heavy resistance zone again. It's possible we will break out. I'v been expecting it at some point, but I don't think this means the correction if over.
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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.