BTC wedging up, about to retrace back into symmetrical triangle?
It looks like BTC is wedging up (teal triangle) after it broke out of the symmetrical triangle. Rising wedges are trend reversals, and are more valid in uptrends. BTC looks to have also double topped (1,2) which is also signaling a reversal.
We are also seeing positive momentum drying up on the MACD and RSI oscillators:
Buyers are getting exhausted, and after a decent 17% rise in ~5 days after a 2 month long dump, this isn't surprising. Short term retracements are healthy if we want to see BTC continue up in the long term. If BTC breaks down, the measured move would be around 6100. It also may never reach 6.1k, it is quite possible it will test the .50 fib common retracement level at 6285 and then swing back up.
We are also seeing positive momentum drying up on the MACD and RSI oscillators:
Buyers are getting exhausted, and after a decent 17% rise in ~5 days after a 2 month long dump, this isn't surprising. Short term retracements are healthy if we want to see BTC continue up in the long term. If BTC breaks down, the measured move would be around 6100. It also may never reach 6.1k, it is quite possible it will test the .50 fib common retracement level at 6285 and then swing back up.
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