Here we have a nice and classic pattern on the Bitcoin Futures (BTC1!) daily chart.
This pattern is a rising wedge which is predominantly bearish. When it shows up, it tends to predict lower prices.
Bull volume peaked 16-October, more than 1.5 months ago.
After this date, the daily trading volume has been dropping steadily. This signal supports the rising wedge as a bearish pattern.
The RSI peaked 25-October while Bitcoin peaked 24-November and here we have a month long bearish divergence.
The RSI has been trending lower since it peaked a month ago. This signal also supports a correction or down-move developing next.
Finally, we have multiple gaps that were left open on the way up. These can work as a magnet for Bitcoin's price.
Things can change and the charts signals can become invalid based on how the price changes.
While the bearish signals remain in place, we keep a bearish bias.
If the bearish signals are negated, we become bullish.
We follow the market, we trust the chart.
Namaste.
This pattern is a rising wedge which is predominantly bearish. When it shows up, it tends to predict lower prices.
Bull volume peaked 16-October, more than 1.5 months ago.
After this date, the daily trading volume has been dropping steadily. This signal supports the rising wedge as a bearish pattern.
The RSI peaked 25-October while Bitcoin peaked 24-November and here we have a month long bearish divergence.
The RSI has been trending lower since it peaked a month ago. This signal also supports a correction or down-move developing next.
Finally, we have multiple gaps that were left open on the way up. These can work as a magnet for Bitcoin's price.
Things can change and the charts signals can become invalid based on how the price changes.
While the bearish signals remain in place, we keep a bearish bias.
If the bearish signals are negated, we become bullish.
We follow the market, we trust the chart.
Namaste.
Note
While we have a new high today, the "rising wedge" pattern is still valid.This is a bearish pattern.
Be careful.
Thanks for the support.
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🚨 You need PREMIUM trade-numbers to profit from Cryptocurrencies —Best timing & amazing results! 👉 lamatrades.com (Since 2017)
đź’Ąđź’Ąđź’Ą Early 2025 Results (NEW)
t.me/masteranandatrades/6109
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anandatrades.com
đź’Ąđź’Ąđź’Ą Early 2025 Results (NEW)
t.me/masteranandatrades/6109
🏆 FREE Trade-Numbers
anandatrades.com
Related publications
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.