Bitcoin Update - Falling wedge (reversal pattern)
Hi guys!
Alright, we will get straight to the point. There's a falling wedge on the 4 hour chart, which means that there can be a bullish reversal. But, there's something that can be quite ambiguous. You can clearly see that the chart is picturing something that could look like a bullish reversal. But, the Crypto Fear & Greed Index has gone from 29 fear, to 25 extreme fear in 1 day. And here's where it gets interesting.
In my previous post I told everyone that when most of the "investor" are fearfull, and picturing a bearish scenario. It means that YOU as a trader don't have an edge anymore, because everyone is saying the same thing. So maybe one of the "hidden" confirmations are the RSI results. If you look at the RSI, and at the price action. You can clearly see that there is a divergence.
Price is making lower lows but the RSI isn't. And since everyone is shitting their pants, this may be the perfect opportunity for Bitcoin to do the "unexpected".
Conclusion? Wait for a confirmation, both for the breakout downwards or upwards.
DON'T FORGET TO LIKE THIS, if you want to support this idea😊
Xie Xie ni✌️
Alright, we will get straight to the point. There's a falling wedge on the 4 hour chart, which means that there can be a bullish reversal. But, there's something that can be quite ambiguous. You can clearly see that the chart is picturing something that could look like a bullish reversal. But, the Crypto Fear & Greed Index has gone from 29 fear, to 25 extreme fear in 1 day. And here's where it gets interesting.
In my previous post I told everyone that when most of the "investor" are fearfull, and picturing a bearish scenario. It means that YOU as a trader don't have an edge anymore, because everyone is saying the same thing. So maybe one of the "hidden" confirmations are the RSI results. If you look at the RSI, and at the price action. You can clearly see that there is a divergence.
Price is making lower lows but the RSI isn't. And since everyone is shitting their pants, this may be the perfect opportunity for Bitcoin to do the "unexpected".
Conclusion? Wait for a confirmation, both for the breakout downwards or upwards.
DON'T FORGET TO LIKE THIS, if you want to support this idea😊
Xie Xie ni✌️
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.