Bitcoin Short-term POTENTIAL correction
Short post of signs of a potential correction. This is not a prediction so I do NOT advise you to place a pre-emptive short. Not Financial Advice but it's good practice to wait for confirmations (so far we have not seen one).
Following on from the previous post. Bitcoin broke out of a descending triangle pattern and quickly re-established the 8hr bull market support structure which we identified in the previous post. Price is now retesting the 8hr moving average support. Looking at the oscillators indicator and referring to traditional TA we've identified the following bearish trends:
1. Bearish RSI divergence
2. Rising Wedge (typically a reversal pattern)
Now IF the candle body closes below the 8hr moving average we could expect to see a price target of 38-41k pullback as the Volume Profile indicator shows there's substantially fewer market positions between 41-47k.
Following on from the previous post. Bitcoin broke out of a descending triangle pattern and quickly re-established the 8hr bull market support structure which we identified in the previous post. Price is now retesting the 8hr moving average support. Looking at the oscillators indicator and referring to traditional TA we've identified the following bearish trends:
1. Bearish RSI divergence
2. Rising Wedge (typically a reversal pattern)
Now IF the candle body closes below the 8hr moving average we could expect to see a price target of 38-41k pullback as the Volume Profile indicator shows there's substantially fewer market positions between 41-47k.
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