Descending broadening wedge forming which is usually a strong bullish pattern and a reversal pattern in a (confirmed) down trend. BTC looks to be able to break 20MA on the 4H chart and could turn it into support.
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There's the breakout, waiting for it to hopefully test the resistance line of the wedge as support next.
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Resistance line did not turn into support on this try. I'm looking for the 20MA (blue line) to become support now and pushing BTC for another try above resistance. A good break should send it to 6.8K territory, right now steam is slowing down.
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Found support on the 20MA on the 4H chart and daily RSI + Stoch looks like BTC might have another try to break resistance and wedge upwards. Bearish scenario is a failure which should push it down fast.
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Looks to have found support on the wedges' resistance line. Still looking for a move up to 6.8-7K. Bigger picture is that this is a relief rally and after it both BTC and Alts take another big dump.
From the very beginning of this bubble burst, target of the correction has been the last ATH at around 4.6K.
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BTC keeps ranging under 6.5K with 500DMA (orange line) keeps being a resistance. BTC has been ranging so long here, an upbreak should result in a nice rally.Note
Took a long time but the bullish breakout happened.
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Second target hit and retraced to first target. I'm closely watching if this can hold as support or break below, then 6.5k must hold.
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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.