BTCUSD is forming an ascending triangle on 4H chart, with bullish backup from OBV & StochRSI.
Therefore we are bullish in my opinion for the next 2-3 days and we'll be challenging the 0.618 fib on 9669$.
However BTCUSD is also forming a rising wedge, which can be both a continuation pattern (with huge volume), or usually a reversal pattern.
I think after trying to break resistance we'll be heading down to 8400-8500$ support.
Therefore we are bullish in my opinion for the next 2-3 days and we'll be challenging the 0.618 fib on 9669$.
However BTCUSD is also forming a rising wedge, which can be both a continuation pattern (with huge volume), or usually a reversal pattern.
I think after trying to break resistance we'll be heading down to 8400-8500$ support.
Trade active
OBV at peak, 3MA @ StochRSI about to reach overbought. We'll be seeing IMHO BTCUSD taking a rest, and then continuing towards 9669 target.
Trade active
BTCUSD has met 618 fibonacci and now is now retracing towards 8400-8500 target. StochRSI on 4H is approaching oversold, therefore there's a slight chance the 50EMA will hold support on 8750.Trade closed: stop reached
Bitcoin bottomed at 50EMA, 2 dragonfly dojis , MACD & STochRSI 4H way oversold, we're gonna see a rebound to 9k at least.
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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.