Bitcoin - Short Term Weakness
Updated
A rising wedge has formed on the 4h Bitcoin 0.71% chart. The price is threatening to break to the downside of this structure, although it is possible to first see a rally to the upper trendline (green arrow) and even a pop up above the trendline before the price breaks down.
Furthermore, there is bearish divergence on the RSI indicated by the pink arrows.
Price is likely to find support at 0.382 and 0.5 Fibonacci levels once structure is broken.
Furthermore, there is bearish divergence on the RSI indicated by the pink arrows.
Price is likely to find support at 0.382 and 0.5 Fibonacci levels once structure is broken.
Trade active
Price has broken to the downside without a rally first to the upper trendline. I'll be taking half profits at 0.382 and the other half at 0.5.If there is a quick retracement back to breakout point, it will be an opportunity to short again with the same downside targets.
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