Falling wedges when formed during a downtrend is a reversal pattern and is denoted by the formation of lower lows and lower highs.
Major resistance at 40000-41600; 44000-47000.
A falling wedge often shows a price breakout to the uptrend. But with major resistance, we can fail at breaking the resistance.
So there are two scenarios. Bearish and bullish.
Bearish - We fail to break the 40k resistance and drop to the mid/low 30k.
Bullish - BTC breaks the 40k resistance and then we will test the 44000-47000 area. And again we can break down or continue the uptrend.
RSI - Looks prime and ready for a pump. Looking at the past BTC rarely reaches 37 RSI levels. Tho the past few weeks we have hovered around this level.
Be extra careful with this much volatility.
DYOR
Have a nice day.
Major resistance at 40000-41600; 44000-47000.
A falling wedge often shows a price breakout to the uptrend. But with major resistance, we can fail at breaking the resistance.
So there are two scenarios. Bearish and bullish.
Bearish - We fail to break the 40k resistance and drop to the mid/low 30k.
Bullish - BTC breaks the 40k resistance and then we will test the 44000-47000 area. And again we can break down or continue the uptrend.
RSI - Looks prime and ready for a pump. Looking at the past BTC rarely reaches 37 RSI levels. Tho the past few weeks we have hovered around this level.
Be extra careful with this much volatility.
DYOR
Have a nice day.
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.
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.