RISING WEDGE ALERT ⟶ BULLISH OR BEARISH MOVE AHEAD?!
In the daily time-frame, an rising wedge pattern has formed in #BITCOIN, and it has currently hit the upper arm of this pattern 🔼.
At the same time, we have the top of the weekly bearish channel here, indicating that this is an important resistance zone, and there’s a potential for a bearish move from this area ⚠️.
Additionally, within this dense resistance area, there’s a possibility of confirming a divergence based on the MACD indicator in the daily time-frame 📉.
Two resistance levels are present around the upper arm of the wedge (67630.30 and 69033.73-69758.04), and BITCOIN has already hit the first one 💥.
One of these levels could be the high-formation point and the start of a bearish move based on the wedge pattern ⬇️. In the first step, this move could drop to the lower arm of the wedge, around 60791.90-62097.80. In the next step, if the lower arm breaks, it could drop to the targets of 55085.70-56565.90 and eventually 46842.20 📉.
The condition for a bearish move due to hitting this dense resistance area is the break of a key support level, which is introduced in the 4-hour timeframe analysis 📊.
Until that happens, the conditions should be considered neutral ⚖️.
However, if BITCOIN rallies before breaking our key support and breaks the upper arm of the wedge to the upside without quickly falling back below, the scenario of a bullish move becomes more prominent, and the growth could continue toward the target of 74739.90 in the first step 📈.
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Today's #BITCOIN Analysis
4-hour timeframe ⏰
In the daily timeframe analysis, we mentioned that #BITCOIN has hit a dense resistance area 🔼. The condition for a bearish move in #BITCOIN due to this resistance is the break of the last bullish channel in the 4-hour time-frame 🔻.
In this case, it could drop to the targets mentioned in the previous analysis ⬇️. This is the main confirmation for a bearish move, and any other confirmation carries higher risk (referring to lower timeframes) ⚠️.
However, we'll also discuss earlier confirmations for a bearish move in the lower time-frames 📉.
At the same time, we have the top of the weekly bearish channel here, indicating that this is an important resistance zone, and there’s a potential for a bearish move from this area ⚠️.
Additionally, within this dense resistance area, there’s a possibility of confirming a divergence based on the MACD indicator in the daily time-frame 📉.
Two resistance levels are present around the upper arm of the wedge (67630.30 and 69033.73-69758.04), and BITCOIN has already hit the first one 💥.
One of these levels could be the high-formation point and the start of a bearish move based on the wedge pattern ⬇️. In the first step, this move could drop to the lower arm of the wedge, around 60791.90-62097.80. In the next step, if the lower arm breaks, it could drop to the targets of 55085.70-56565.90 and eventually 46842.20 📉.
The condition for a bearish move due to hitting this dense resistance area is the break of a key support level, which is introduced in the 4-hour timeframe analysis 📊.
Until that happens, the conditions should be considered neutral ⚖️.
However, if BITCOIN rallies before breaking our key support and breaks the upper arm of the wedge to the upside without quickly falling back below, the scenario of a bullish move becomes more prominent, and the growth could continue toward the target of 74739.90 in the first step 📈.
............................
Today's #BITCOIN Analysis
4-hour timeframe ⏰
In the daily timeframe analysis, we mentioned that #BITCOIN has hit a dense resistance area 🔼. The condition for a bearish move in #BITCOIN due to this resistance is the break of the last bullish channel in the 4-hour time-frame 🔻.
In this case, it could drop to the targets mentioned in the previous analysis ⬇️. This is the main confirmation for a bearish move, and any other confirmation carries higher risk (referring to lower timeframes) ⚠️.
However, we'll also discuss earlier confirmations for a bearish move in the lower time-frames 📉.
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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.
Related publications
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.