In this chart of
BTCUSD
, we see a break out of the descending triangle on July 20 '21. Moving forward we have established multiple zones of support, however Bitcoin appears to have encountered a hiccup of resistance within the .618 and .786 Fibonacci levels. Furthermore, we do see a rising wedge pattern forming yet again while also coupled with beautiful looking "DAILY" MACD. However, when we look intraday at the 4hr we can see a rising and overbought RSI (indicative of an exhausted asset), all the while the MACD on the 4hr is signaling a pull back. This information tells us that we may continue to test the .618 and .5 Fibonacci levels before we attempt to inch higher to the .786 Fibonacci range. Good luck.
BTCUSD
, we see a break out of the descending triangle on July 20 '21. Moving forward we have established multiple zones of support, however Bitcoin appears to have encountered a hiccup of resistance within the .618 and .786 Fibonacci levels. Furthermore, we do see a rising wedge pattern forming yet again while also coupled with beautiful looking "DAILY" MACD. However, when we look intraday at the 4hr we can see a rising and overbought RSI (indicative of an exhausted asset), all the while the MACD on the 4hr is signaling a pull back. This information tells us that we may continue to test the .618 and .5 Fibonacci levels before we attempt to inch higher to the .786 Fibonacci range. Good luck.