Analyzing Bitcoin's Current Position: Chart Patterns, Indicator
Updated
Bitcoin is currently situated at a crucial juncture, a point I've been anticipating for quite some time. Numerous bearish and retracement signals are emerging on the charts, encompassing traditional chart patterns, indicators, and ICT concepts. Let's delve into the details.
In terms of traditional chart patterns, a rising wedge is currently forming on the 4-hour chart. This pattern, widely recognized in retail trading, indicates that the market is approaching a local top.
Examining the indicators, both the daily and 4-hour charts reveal bearish divergence in the RSI, and there's also volume divergence on the daily chart. These are significant signs that warrant close observation to understand their implications.
Considering ICT concepts, Bitcoin is trading within the upper quadrant of a bearish breaker on the monthly timeframe. Additionally, on the weekly timeframe, it finds itself within a bearish order block. A decisive break in the market structure could potentially lead us to a price point around 30,000. Let's closely monitor how these dynamics unfold.
In terms of traditional chart patterns, a rising wedge is currently forming on the 4-hour chart. This pattern, widely recognized in retail trading, indicates that the market is approaching a local top.
Examining the indicators, both the daily and 4-hour charts reveal bearish divergence in the RSI, and there's also volume divergence on the daily chart. These are significant signs that warrant close observation to understand their implications.
Considering ICT concepts, Bitcoin is trading within the upper quadrant of a bearish breaker on the monthly timeframe. Additionally, on the weekly timeframe, it finds itself within a bearish order block. A decisive break in the market structure could potentially lead us to a price point around 30,000. Let's closely monitor how these dynamics unfold.
Note
waiting for break of structure
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