We have divergence between the volume and RSI especially visible on 1d interval. Falling volume along with each-time smaller change in prices suggest ongoing correction coming to its end. Higher RSI tops and bottoms suggest that investors are willing to go up with the price. With this scenario it would be good not to fall under $7k, but hitting $6.8k is of course still possible.
Note
Also we have small falling wedge now Note
So our wedge worked and also on 12h candles we have special version of Bullish Engulfing, because it's embracing whole previous red candle. Now we are waiting for confirmation of the same bullish pattern on 1d interval which will be very bullish sign of end of the correction.
Note
Retracement of wave 1 its normally the strongest one, so this is how it may look like:Note
Rising wedge:Note
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We are group of mostly Polish traders but welcome everyone to join our Discord crypto&fx group: ChartInsiders.com
- discord.gg/HyzyrtnpP3
My Twitter Account: twitter.com/Crypto_Investor
- discord.gg/HyzyrtnpP3
My Twitter Account: twitter.com/Crypto_Investor
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.