BTCUSDT is creating a rising wedge?
Updated
Bitcoin had a bounce from our weekly support after a dump due to war, the price created a V shape.
On the 4h Timeframe, the price is testing a key level on 39600 on the daily resistance on 0.5 Fibonacci level. If you look on the left you can see an accumulation before the previous bearish impulse, it means that this area is so strong to break.
the previous candle created a false breakout, no bullish momentum followed the candle, and the Volume is decreasing. If we exclude the nervous candles about the war, we can identify a rising wedge. A rising wedge with two up-sloping trend lines. The volume trend usually slopes downward.
How to approach?
We are monitoring the price, a clear breakout of 38300 with retest should be a clear sign for a new bearish impulse, 37k is the first 4h support.
The setup is invalidated if the price is going to have a breakout and retest of 42k
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the 4h Timeframe, the price is testing a key level on 39600 on the daily resistance on 0.5 Fibonacci level. If you look on the left you can see an accumulation before the previous bearish impulse, it means that this area is so strong to break.
the previous candle created a false breakout, no bullish momentum followed the candle, and the Volume is decreasing. If we exclude the nervous candles about the war, we can identify a rising wedge. A rising wedge with two up-sloping trend lines. The volume trend usually slopes downward.
How to approach?
We are monitoring the price, a clear breakout of 38300 with retest should be a clear sign for a new bearish impulse, 37k is the first 4h support.
The setup is invalidated if the price is going to have a breakout and retest of 42k
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
Bitcoin is moving on the daily resistance on the 0.5 Fibonacci level.The volume is decreasing. We know, during the weekend we have low volume, but if the price is going to lost eh 38500 support we could see a new bearish impulse.
Altcoins are waiting for BTC's movement
Note
The price is testing our 4h support after a breakout from the rising wedge.The volume is decreasing and We are monitoring its price action.
All Altcoins market is waiting for the Bitcoin's movement.
If you look on the left you can see the supply zone on 40k.
The market should swift the bearish momentum to bullish one if the market is going to have a breakout with volume from 40k and retest the 42 k as new support
Note
The price is moving to the next support on the 37000 as I told you before.
The price had a breakout from the rising wedge, and after another False breakout, the price got liquidity for a new bearish impulse.
We could see a retest of 38600.
15% since my first call
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