This is my very first post. Don't be too harsh on me :)
I think volume in trading Bitcoin has shown us a potential followup in downward pressure. Even some institutional investors have called further downside in the coming months of the year.
Looking at this chart on the Daily timeframe, there are several indicators that point to downward pressure in the mid to long term. This coupled with these two big trend lines that are essentially sandwiching the price, potentially forming an ascending broadening wedge.
This is of course on algorithmic levels, as market movers and on-chain data could make anything happen.
What do you guys think?
I think volume in trading Bitcoin has shown us a potential followup in downward pressure. Even some institutional investors have called further downside in the coming months of the year.
Looking at this chart on the Daily timeframe, there are several indicators that point to downward pressure in the mid to long term. This coupled with these two big trend lines that are essentially sandwiching the price, potentially forming an ascending broadening wedge.
This is of course on algorithmic levels, as market movers and on-chain data could make anything happen.
What do you guys think?
Note
Also forgot to mention... Death Cross coming on the Daily could be another confirmation of heavy downward pressure. Bollinger bands pointing downwards and it's midpoint having congruence with the upper trend line of the broadening wedge.It also intersects with a FIbbo Level.
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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.