Bitcoin failed to set higher highs and collapsed after being unable to gain momentum to go above 50k. Taking a look the price found resistance at the bullish move back on the 15th of May which was a key candle which set in motion our dramatic drop in value (42.4%) in under 4 days. This cannot be ignored and should raise a red flag among those holding out hope for the higher prices.
BTC had an rising wedge which broke to the downside after hitting the resistance set by the wick on the deadly May 15th candle
Currently inside a parallel rising channel, Btc is still in an uptrend, however if this channel fails to hold the value then it would be a signal for lower prices and potentially a retest of the 32-34k level that btc escaped from a month ago without any retest leaving a large gap in the CME Futures chart and unfilled orders at those price levels.
BTC is in a falling wedge, This is a bullish pattern and Btc is currently rising in value and could break through, failure to break through would be a bearish indication and could indicate lower prices however we have bullish divergence on the RSI and a movement to higher values is expected.
Overall in the smaller timeframe, I think BTC will gain momentum and higher values for the close of the weekly candle, Also the weekly is still a very bullish chart and eliminating the upper wick on the weekly candle would indicate higher prices where a larger wick on the weekly could spell some uncertainty in the coming weeks market giving bears a chance at some lower prices with dips.
Watch for btc to break out from the falling wedge and potentially retest the May 15th value. $49840 is currently where resistance to higher prices might stop upward momentum until the bullish weekly close where we might see a very fast movement above 50k and could see some 10k days gaining value to match our previous highs.
A failure could indicate the move down. However BTC remains Bullish as long the price can remain above the 200 daily MA
BTC had an rising wedge which broke to the downside after hitting the resistance set by the wick on the deadly May 15th candle
Currently inside a parallel rising channel, Btc is still in an uptrend, however if this channel fails to hold the value then it would be a signal for lower prices and potentially a retest of the 32-34k level that btc escaped from a month ago without any retest leaving a large gap in the CME Futures chart and unfilled orders at those price levels.
BTC is in a falling wedge, This is a bullish pattern and Btc is currently rising in value and could break through, failure to break through would be a bearish indication and could indicate lower prices however we have bullish divergence on the RSI and a movement to higher values is expected.
Overall in the smaller timeframe, I think BTC will gain momentum and higher values for the close of the weekly candle, Also the weekly is still a very bullish chart and eliminating the upper wick on the weekly candle would indicate higher prices where a larger wick on the weekly could spell some uncertainty in the coming weeks market giving bears a chance at some lower prices with dips.
Watch for btc to break out from the falling wedge and potentially retest the May 15th value. $49840 is currently where resistance to higher prices might stop upward momentum until the bullish weekly close where we might see a very fast movement above 50k and could see some 10k days gaining value to match our previous highs.
A failure could indicate the move down. However BTC remains Bullish as long the price can remain above the 200 daily MA
git some
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git some
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.