BTC Broadening Descending Wedge 4H
Updated
BTC moving inside a broadening descending wedge on the 4H chart.
This shape has a bullish outcome more often than not.
Price action has touched major support twice.
BTC Price is back above the 50 SMA which is a good sign.
Keep an eye on this structure.
NFA
Do your own DD
This shape has a bullish outcome more often than not.
Price action has touched major support twice.
BTC Price is back above the 50 SMA which is a good sign.
Keep an eye on this structure.
NFA
Do your own DD
Note
trend structure is breakingNote
Next target if price can hold above the descending resistanceNote
Note
4H has overcome to 200smaNote
Daily meeting the 50sma and approaching level 60 RSINote
wick fills gap between 50/100 sma dailyNote
Note
If Pa holds above daily 50 sma long enough for this 4H cross to occur, there could be more fireworksNote
price rebounded after 4H 50/100 crossNote
This is where this trend comes to a macro trend juncture and will be the final update for this idea. The 3.618 and the descending resistance are are between 67,200 and 66,000. If the PA meets that zone, this is the chart I will be moving to next.Note
Next Idea to come will be from the daily based on what happens at this juncture.Note
In reference too January 16th update above. Idea Closed.
Related publications
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.