The volume is decreasing along the wedge .
Let's talk about what does a rising wedge mean in this situation.
A rising wedge means the Bitcoin craze around the world is slowing down.
Although the mass media is reporting Bitcoin , smart investors (Including Wall Street and Hedge Fund) may think that It is risky to get in the market now. (monthly RSI 96,see my previous idea)
They tend to wait for a major correction of Bitcoin instead of buying and buying so they are just wait and see.
While they are waiting, some speculators who have bought Bitcoin before sell their Bitcoin and withdraw legal tender.
Therefore, the net inflow of money is decreasing and causes Bitcoin rising without momentum.
The decreasing volume and MACD bearish divergence are good evidence.
Maybe I am wrong. I am interested to see which way bitcoin will go.
Let's talk about what does a rising wedge mean in this situation.
A rising wedge means the Bitcoin craze around the world is slowing down.
Although the mass media is reporting Bitcoin , smart investors (Including Wall Street and Hedge Fund) may think that It is risky to get in the market now. (monthly RSI 96,see my previous idea)
They tend to wait for a major correction of Bitcoin instead of buying and buying so they are just wait and see.
While they are waiting, some speculators who have bought Bitcoin before sell their Bitcoin and withdraw legal tender.
Therefore, the net inflow of money is decreasing and causes Bitcoin rising without momentum.
The decreasing volume and MACD bearish divergence are good evidence.
Maybe I am wrong. I am interested to see which way bitcoin will go.