Bitcoin / BTCUSD Long Buying Opportunity Approaching?!
Updated
Here we can see that we are making our way down a well establish and clearly defined Falling Wedge Formation on BTC. We also have a Square Up opportunity at $7,570 (Coinbase Chart) which would also coincide with the squeeze of the Falling Wedge pattern shown here. By then we would most likely be oversold on our 4H (240m) RSI and unless the MACD Histogram starts making much headway downwards we could also have Bullish MACD Divergence. We checked the 1H RSI and we went way oversold (18) at some point yesterday which means that again unless the RSI makes very very low lows we could also have RSI and MACD Divergence on the 1H (60m) chart as well if we do make slightly lower lows.
For now this is mostly a heads up, we will be looking for more confirmation if and when we approach our anticipated levels and then provide an update on this trading idea.
For now this is mostly a heads up, we will be looking for more confirmation if and when we approach our anticipated levels and then provide an update on this trading idea.
Note
Well, it seems like we did get the breakout we were expecting but hadn't completed what we like to call a Break, Hook and Go (BH&G) breakout confirmation. We now seem to be completing the hook portion of BH&G for us to retest the downward slope we had broken through.Note
As mentioned in our last comment yesterday we had gotten our breakout of our Falling Wedge Pattern, but we always wait for a retest and then a candle confirmation that we are headed in the new breakout direction. Yesterday we never got that and simply came right back in to the pattern and have now also reached and completed the Square Up at ($7,570). We are now oversold again and even have MACD and RSI Divergences on the 4H (240m) so we will be keeping an eye on another breakout from the even tighter squeezed Falling Wedge area and will be keeping an eye out for a Bullish Candlestick Reversal Pattern.
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