CountOnCrypto - Bitcoin Forecast 11/05/2021
There is currently an apparent Rising Wedge formation on the 1h BTC:USD pair.
This is highlighted by a few factors; there is a downward trend of volume in addition to a bearish divergence on the Relative Strength Index (RSI).
We would be looking for a large bearish spike on the Volume indicator whilst testing the 0.382 Fibonacci $53845. The RSI also needs to read above 50 for us to be in an uptrend in addition to us trading above 56k which is the 0.5 Fibonacci ration (mid way in the local trend).
We have also broken below the 50EMA on the hourly which is something Bitcoin needs to remain above to stay in an uptrend.
That, alongside the Rising Wedge; I am expecting more downside and for us to find support between 53.8k - 51.2k.
As always, trade with risk management and don't risk any money on the market you can't afford to lose!
This is highlighted by a few factors; there is a downward trend of volume in addition to a bearish divergence on the Relative Strength Index (RSI).
We would be looking for a large bearish spike on the Volume indicator whilst testing the 0.382 Fibonacci $53845. The RSI also needs to read above 50 for us to be in an uptrend in addition to us trading above 56k which is the 0.5 Fibonacci ration (mid way in the local trend).
We have also broken below the 50EMA on the hourly which is something Bitcoin needs to remain above to stay in an uptrend.
That, alongside the Rising Wedge; I am expecting more downside and for us to find support between 53.8k - 51.2k.
As always, trade with risk management and don't risk any money on the market you can't afford to lose!
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