BTC / USD - Potential Short-Term Upside
Updated
I'm going to stay neutral with this idea simply because BTC doesn't care. The price on the hourly chart is creating a falling wedge which is a strong reversal pattern. To add further support, the Stoch RSI and Mac D are both showing an upward trend is likely, at least in the short term. The 4 hr chart doesn't paint the same picture which is why I'm staying neutral.
The current support is $9406.26 which seems to be holding for now. We could see another bounce up to the $9,800+ range but keep trades small and stop-losses tight.
Don't forget a thumbs up if you found any value in my analysis!
The current support is $9406.26 which seems to be holding for now. We could see another bounce up to the $9,800+ range but keep trades small and stop-losses tight.
Don't forget a thumbs up if you found any value in my analysis!
Note
The falling wedge is still in play. The bottom trend line just needs to be re-drawn to account for that most recent dip...
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