Rising Wedge Pattern Identified
– Price is currently trading within a rising wedge on the 4H chart, often considered a structure worth monitoring for potential volatility.
Price Near Local Resistance (~
97K)
– BTC is reacting around the97K zone, a level where price has previously stalled, suggesting possible decision-making by market participants.
RSI Around 47
– RSI has cooled from higher levels and is now neutral, indicating a balance between buyers and sellers at this stage.
Parabolic SAR Above Candles
– SAR dots are now positioned above price, typically signaling a slowdown in recent upward momentum.
ADX Reading Below 20
– A low ADX value suggests the current trend lacks strong directional strength, implying potential for sideways or corrective movement.
Volume Not Supporting Recent Move
– As price climbed, volume remained relatively low, which can indicate a lack of strong participation behind the move.
Key Levels to Watch
– Support: $95K (wedge base),
92K (prior demand zone)
– Resistance:97K (local), $102K (major overhead zone)
What to Monitor
– A break above97K could lead to a retest of higher zones. A break below $95K might open up a move toward $92K. Watching for confirmation either way.
– Price is currently trading within a rising wedge on the 4H chart, often considered a structure worth monitoring for potential volatility.
Price Near Local Resistance (~
97K)– BTC is reacting around the
97K zone, a level where price has previously stalled, suggesting possible decision-making by market participants.RSI Around 47
– RSI has cooled from higher levels and is now neutral, indicating a balance between buyers and sellers at this stage.
Parabolic SAR Above Candles
– SAR dots are now positioned above price, typically signaling a slowdown in recent upward momentum.
ADX Reading Below 20
– A low ADX value suggests the current trend lacks strong directional strength, implying potential for sideways or corrective movement.
Volume Not Supporting Recent Move
– As price climbed, volume remained relatively low, which can indicate a lack of strong participation behind the move.
Key Levels to Watch
– Support: $95K (wedge base),
92K (prior demand zone)– Resistance:
97K (local), $102K (major overhead zone)What to Monitor
– A break above
97K could lead to a retest of higher zones. A break below $95K might open up a move toward $92K. Watching for confirmation either way.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.