2 Bearish Close and Reverse Candle Formations with Major Rejection Wicks almost exactly at the same price level on a Friday Night...
It is very frequent to see the break of a Rising Wedge then hook up and even test the line broke down through
opposite can also be true for a Falling Wedge
so it is no surprise to see this hook especially that the RSI had dropped quite rapidly on the 1h so maybe needed a little breathing room
Triple top most likely a sell of incoming. Be careful traders.
I would say it would be very possible to see a pullback and break down through the Rising Wedge to a 50-61.8 Fib Retracement of that Rising Wedge move, give ourselves a bit of breathing room on the lower time frame RSI and regain a bit of interest on the buy side and then continue our move up since the Daily RSI is still progressing slowly higher and nowhere near elevated levels
I would be looking for the first pull back to around $6,400 and then 6,270 before confirming anything deeper.
We are looking for other content makers to come under one umbrella and build the gold standard in the community. Hope you join us as a guest or something more.
It is very frequent to see the break of a Rising Wedge then hook up and even test the line broke down through
opposite can also be true for a Falling Wedge
so it is no surprise to see this hook especially that the RSI had dropped quite rapidly on the 1h so maybe needed a little breathing room
Triple top most likely a sell of incoming. Be careful traders.
I would say it would be very possible to see a pullback and break down through the Rising Wedge to a 50-61.8 Fib Retracement of that Rising Wedge move, give ourselves a bit of breathing room on the lower time frame RSI and regain a bit of interest on the buy side and then continue our move up since the Daily RSI is still progressing slowly higher and nowhere near elevated levels
I would be looking for the first pull back to around $6,400 and then 6,270 before confirming anything deeper.
We are looking for other content makers to come under one umbrella and build the gold standard in the community. Hope you join us as a guest or something more.
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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.
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.