Welcome fellow Tradingviewers,
We will be looking at the price action from Bitcoin this time only taking the daily graph into account.
We failed to keep the stated levels yesterday, the moving averages seemed to strong, and they still do.
This definitely puts the bears in favor.
Looking at the bigger picture we can see that we are now starting to form a falling wedge.
Wedges are one of our favorite patterns to trade although this one does not have the best shape of them all.
Besides the falling wedge we can clearly see a huge divergence on the MACD as wel as on the RSI.
Divergences like this usually favor a breakout to the upside which would give the bulls a lot of power.
Whats's next?
We will be waiting to see how the resistance of the wedge will be holding up as well as the moving averages.
We will either:
Open a long upon breakout of the wedge, or open a long upon reaching the lower trendline around 6200 dollars.
This analyses is only showing you guys my vision on BTC and should not be considered as financial advice.
If you agree or find this analyses useful, don't forget to leave a Like!
And if you disagree or have a comment, let me know below!
Kind regards,
Forallcrypto
We will be looking at the price action from Bitcoin this time only taking the daily graph into account.
We failed to keep the stated levels yesterday, the moving averages seemed to strong, and they still do.
This definitely puts the bears in favor.
Looking at the bigger picture we can see that we are now starting to form a falling wedge.
Wedges are one of our favorite patterns to trade although this one does not have the best shape of them all.
Besides the falling wedge we can clearly see a huge divergence on the MACD as wel as on the RSI.
Divergences like this usually favor a breakout to the upside which would give the bulls a lot of power.
Whats's next?
We will be waiting to see how the resistance of the wedge will be holding up as well as the moving averages.
We will either:
Open a long upon breakout of the wedge, or open a long upon reaching the lower trendline around 6200 dollars.
This analyses is only showing you guys my vision on BTC and should not be considered as financial advice.
If you agree or find this analyses useful, don't forget to leave a Like!
And if you disagree or have a comment, let me know below!
Kind regards,
Forallcrypto
