BTC Daily Update 27 May 2021
Based on BTC 4H chart, it is currently breaking down from a rising wedge support. A break down from this wedge will give us a price target of around 30k.
Furthermore, we can see BTC is unfolding a possible M pattern where it failed to break its previous high at around 43k.
MACD is having a downtrend signal in the 4H timeframe which means we might see a breakdown in the short term.
To invalidate this scenario, BTC must break its previous rising wedge support turned resistance at around
39K and also surge to higher than 43k.
Furthermore, we can see BTC is unfolding a possible M pattern where it failed to break its previous high at around 43k.
MACD is having a downtrend signal in the 4H timeframe which means we might see a breakdown in the short term.
To invalidate this scenario, BTC must break its previous rising wedge support turned resistance at around
39K and also surge to higher than 43k.
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