* 2H
BTC is also considered an extension of the falling wedge convergence.
It broke the short-term downward trend line, supported by an important support level of $28918.
If it does not break the short-term upward trend line, it is likely to rise to $29400-$29500, and if it breaks through, it is likely to rise to $29600-$29800, the top of the falling wedge.
If the short-term upward trend line breaks, it will likely return to the 28900 support line retest and fall to the bottom of the falling wedge.
So for the BTC to rise further, breaking the $29400-29500 resistance and supporting it is the most important point.
Then I hope you have a safe trade !
Note
As I mentioned, it rose to $29690 with support for the short-term upward trend line.
However, the $29600-$29800 level has failed to break through due to strong resistance areas, but so far, the short-term upward trend line has been supported.
For further gains, BTC needs to break strong resistance of $29800.
Note
BTC / 1H
It broke through the previously deviated trend line and was supported.
Now it has reached the pink short-term downward trendline resistance.
If it breaks through here, it will rise to about $29800, the upper line of the falling wedge.
I think there is still a possibility that it will proceed with the falling wedge pattern.
Note
The short-term upward trend line has been broken after failing to overcome resistance to the pink short-term downward trend line.
But it rose again in support of the short-term upward trend line, and again touched the pink short-term downward trend line resistance line.
Since this is the fourth touch, I think it is more likely to break through. If it breaks through this time, it can go up further, which increases the possibility of the falling wedge pattern.
Note
The pink short-term downtrend line broke through, reaching a resistance level of $29,500, which was previously a strong support level but is now a strong resistance level.
This section also overlaps with the previously deviated trend line resistance.
If it breaks through this section, we can wait and see if it reaches the top of the falling wedge pattern.
Note
BTC has now reached the top of the triangular convergence and the top of the falling wedge pattern.
This is a strong resistance, and it is very important to break through and be supported for further gains.
Breaking through this resistance increases the likelihood of progressing to a falling wedge pattern.
Note
The previously mentioned resistance section failed to break through and fell, which was a bear trap.
It has now broken the downward trend line by rolling it up again.
It is now important to support the downward trend line that has broken through.
However, breaking the $29800 mark is the most important point because there is the strongest resistance range from $29500 to $29800 soon.
For now, it can be said that it is proceeding with a falling wedge pattern because it has broken through the falling trend line and is supported.
Note
After breaking the downward trend line, it failed to break through the $29500 resistance line and fell again.
The short-term upward trend line is broken, and it is supported at about $28910, but if it fails to break the short-term upward trend line again, it could fall to the $28300-$28500 range.
Note
As I said yesterday, the BTC failed to rise above the short-term upward trend line and once again fell to the $28500 range.
After that, it broke through the short-term upward trend line again and broke through the downward trend line.
Currently, the strong resistance section is supported at $29,800, and there are attempts to break through the previously deviated trendline resistance. There is a high possibility of further increase when support for this section is provided.
The falling wedge pattern is valid because the downtrend line has been strongly broken with the bullish candle with the volume loaded.
Note
Expected adjustment range due to price surge
Note
TP3 Reached.
It's down about $450.
TP3 is likely to rebound.
If it doesn't get support for this section, it could fall to the $28800 range.
Note
It rebounded from the $28700 range, which overlaps with the upward trend line that has continued since January.
As the BTC has been supported by this upward trend line four times, its credibility is even higher.
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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.
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.