what this pattern says!...
Updated
on daily chart we can see a clear descending wedge pattern.
this pattern is a bullish pattern in it's nature, however it doesn't mean price can not close below the pattern.
price still has a chance to keep dropping more, so judging on bullish momentum is soon yet.
from the indicators aspect price is moving between 50MA and 200MA and MACD shows more sideways move yet
unless we can see a strong shape of histogram either sides to confirm the trend.
right now on lower charts, market shows bullish signs but in daily chart it is still neutral.
So... in bullish scenario we should see daily candle close above critical resistant area. on the bearish scenario
price can break and close below my baseline around 25800$ for declining to the demand area on my chart, between 25K & 24K.
In both case as long as daily price moving above 200MA it is bullish for sure.
Enjoy the market
this pattern is a bullish pattern in it's nature, however it doesn't mean price can not close below the pattern.
price still has a chance to keep dropping more, so judging on bullish momentum is soon yet.
from the indicators aspect price is moving between 50MA and 200MA and MACD shows more sideways move yet
unless we can see a strong shape of histogram either sides to confirm the trend.
right now on lower charts, market shows bullish signs but in daily chart it is still neutral.
So... in bullish scenario we should see daily candle close above critical resistant area. on the bearish scenario
price can break and close below my baseline around 25800$ for declining to the demand area on my chart, between 25K & 24K.
In both case as long as daily price moving above 200MA it is bullish for sure.
Enjoy the market
Trade active
more downward pressure expected yet if the baseline on my chart can not hold price. let's seeTrade active
as mentioned price declined after closing below my baseline so we can expect more downward pressure in coming days, now price is moving in my blue area, the gray one also has most potential to retest in next days coming or even drop more deep. I suggest keep your eye on daily 200MA. this line would be critical and important dynamic support.Trade active
remember what I said, baseline on my chart is the judgment level, so now we can see price tested the blue area and bounced back upwards and now closed above the baseline moving into the wedge one more time. it can hover over the baseline for a while or close above the wedge and keep moving upwards, the important notice is we can not think about 23K and below as long as the price moving above the baseline.Trade active
I mention this important notice one more time, baseline(25600$) level is my judgment. on the chart you can see price trapped between 200MA and 50MA( both set on daily chart) showing Bitcoin is moving between 24K and 27K also price is moving into a descending wedge (bullish pattern) so I strongly believe price won't go below 24K and even if close above 50MA on daily chart won't close below my baseline again.however closing below the baseline and 200MA(daily chart) is not good at all but this is not the case of my concern for now. lets see
Trade active
by now price has touched daily 50MA, MACD histogram is bullish so if MACD line close above the positive side and price close above critical area on chart we can expect more uptrend. it means Bitcoin already found it's bottom. it also can drop right here to retest my baseline and bounce back. in both case BTC seems bullish.Trade closed: target reached
our goal achieved, tested the main area closed above my baseline and broke all key resistant levels properly now even is going to test first target upwards.Enjoy it
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