Rising wedge pattern on Bitcoin
Keep an eye out for a triggering sell event on Bitcoin through the temporary "floor" at $6,200.
Price has been steadily rising from the recent lows at $5,750 however this pattern is a BEARISH signal. We could see one more pump but be careful it, this could be a bull trap.
RSI trend line has broken to the downside with volume steadily decreasing. There is an inverse head and shoulders pattern at risk, that should keep the buyers interested.
I intend to accumulate into a sell position with stops above $6,400 which would also invalidate the rising wedge pattern.
A projected target for completion of this pattern is near $5,600.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Price has been steadily rising from the recent lows at $5,750 however this pattern is a BEARISH signal. We could see one more pump but be careful it, this could be a bull trap.
RSI trend line has broken to the downside with volume steadily decreasing. There is an inverse head and shoulders pattern at risk, that should keep the buyers interested.
I intend to accumulate into a sell position with stops above $6,400 which would also invalidate the rising wedge pattern.
A projected target for completion of this pattern is near $5,600.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
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Moving south as expected. The power of TA cannot be underestimated
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.