BTC CME/BTC USD likely breakout to the downside soon
BTC CME:
1. Price action:
1.1 Chart Pattern:
Rising wedge with ending diagonal = Reversal pattern
1.2 Market structure & Momentum:
Higher highs and higher lows, but pushes getting weaker and pullbacks aswell,
indicating a loss in momentum
2. RSI:
2.1 Chart Pattern:
Descending triangle, near the APEX -> likely breakout in the next 1-3 Week
2.2 Divergence:
We do have a 4 Drive divergence, which indicates a heavy loss in momentum and its easy to sell into it here
2.3 Market structure:
Making Lower highs and Equal lows while price action makes higher highs and higher lows = easy to sell into that
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A breakout is likely to occur in the next 1-3 weeks, where will it most likely break out?
Price action showing loss in momentum and a rising wedge reversal pattern with a ending diagonal of elliot wave which is a reversal sign
RSI is showing a 4 drive divergence and a descending triangle making lower highs but equal lows, bounces are getting weaker, leading to a breakout soon, most likely to the downside
So overall bitcoin cme is more likely to break to the downside, however this pattern can break also to the upside, its just way more probable to break to the downside
If we close a daily candle above the upper ascending trendline then we will most likely head to 100k
If we close a daily candle body below the lower ascending trendline the first target would be 45k
1. Price action:
1.1 Chart Pattern:
Rising wedge with ending diagonal = Reversal pattern
1.2 Market structure & Momentum:
Higher highs and higher lows, but pushes getting weaker and pullbacks aswell,
indicating a loss in momentum
2. RSI:
2.1 Chart Pattern:
Descending triangle, near the APEX -> likely breakout in the next 1-3 Week
2.2 Divergence:
We do have a 4 Drive divergence, which indicates a heavy loss in momentum and its easy to sell into it here
2.3 Market structure:
Making Lower highs and Equal lows while price action makes higher highs and higher lows = easy to sell into that
______________________________________________________________________________________________
A breakout is likely to occur in the next 1-3 weeks, where will it most likely break out?
Price action showing loss in momentum and a rising wedge reversal pattern with a ending diagonal of elliot wave which is a reversal sign
RSI is showing a 4 drive divergence and a descending triangle making lower highs but equal lows, bounces are getting weaker, leading to a breakout soon, most likely to the downside
So overall bitcoin cme is more likely to break to the downside, however this pattern can break also to the upside, its just way more probable to break to the downside
If we close a daily candle above the upper ascending trendline then we will most likely head to 100k
If we close a daily candle body below the lower ascending trendline the first target would be 45k
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