Looking at the one day chart we can take into consideration of a 3 black crow pattern, poor strength on the rsi in any type of upwards trend at the moment, and a lot of failed attempts to break above the .236 fib level. I assume we will correct further down to the 7150-7k range and from there we can only hope to stay above $6950. Will be laddering into a short as we go.
We are currently in an ascending triangle formation. Though this pattern can occasionally lead to a breakout, there is not much volume to confirm a continuation of an upwards trend. I have closed my long position and entered a short at 7625 with a stop set at 7689. With our current standing, I assume Btc will find support in the $7300 range and if that is broken...
We've pulled back after stagnant movement near the .236 fib level on the 4hr as well as breaking down from the rising wedge we were trending in. Next target is the $7250-7300 range and if those are broken a possible new low following afterwards. If you find my charts helpful please feel free to check out my telegram channel...Link will be in the comments.
Broken trend line on the 4hr rsi. Bearish divergence forming and stagnant movement on the 4hr chart at the .236 fib level. all indicatros bulls are losing presence and we will see a pull back from this run up.
Currently in a rising wedge pattern. No trade zone for me until confirmation of a breakout upwards or leg down. looking more bearish than bullish to me. Bullish divergence on the 4hr rsi was broken and we continue to trend below it. a nice green candle above the high of 7560 will invalidate my bearish call and possibly proceed past 7600 if we breakout with enough volume.
