Rising wedge within a larger broadening descending wedge
Rising wedge indicates bearish reversal (SHORT TERM)
Broadening descending wedge indicates bullish reversal (MID TERM)
Currently the ~7150 range has turned from support into resistance. BTC is running out of juice to even barely reach past 7k now. That's not bullish. Lol
This tells me, along with oversold RSI, that we are due for ONE LAST drop into the target range in box (within the trendlines) before a bullish breakout, which hopefully will catapult us out of this downtrend.
BTC is a no trade zone for me until either this happens, or we somehow gain enough volume to breakout past 7.6k S/R.
FYI not sure if I see anything below 5.9k happening. Tons of support on the lower 6k range. My scenario is we touch that point for a double bottom within a larger descending wedge on the daily and breakout from there.
Rising wedge indicates bearish reversal (SHORT TERM)
Broadening descending wedge indicates bullish reversal (MID TERM)
Currently the ~7150 range has turned from support into resistance. BTC is running out of juice to even barely reach past 7k now. That's not bullish. Lol
This tells me, along with oversold RSI, that we are due for ONE LAST drop into the target range in box (within the trendlines) before a bullish breakout, which hopefully will catapult us out of this downtrend.
BTC is a no trade zone for me until either this happens, or we somehow gain enough volume to breakout past 7.6k S/R.
FYI not sure if I see anything below 5.9k happening. Tons of support on the lower 6k range. My scenario is we touch that point for a double bottom within a larger descending wedge on the daily and breakout from there.
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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.