Each pattern begins with a sharp upward pump, followed by a peak phase (blue), a decline phase (yellow), and finally a recovery phase (purple). Currently, we appear to be at or near the end of this pattern, which opens up the potential for another leg up.
📉 On the weekly StochRSI, we are in the oversold zone, suggesting there’s room for a move higher.
📊 The...
After breaking the rising wedge pattern and the trendline, Bitcoin created a higher low at the 82k support. This gives us a potential setup for an ABC move upwards towards a higher high at the 90k resistance. The StochRSI and RSI are holding near the oversold territory, so an upward bounce is likely.
