#BTCUSDT
Based on the ascending wedge pattern, $BTC will likely print a new high in the coming days, but it will be short-lived and most likely with a negative momentum divergence on the RSI.
It should be recognized that the ascending pattern could last several weeks before it is resolved. A bullish resolution would target the 4.618 Fibonacci extension of the 2017-2018 bear market at $80,000.
On the other hand, if #BTC declines below the lower trend line, it needs to hold the SMA50 at $53,590. A failure to hold would turn a short-term correction into a more profound decline and a quick test of the January high at $41,986 followed by the 0.382 Fibonacci retracement level of the 2020-2021 bull market at $39,425. Further support appears at the 0.50 retracement level at $32,500.
Based on the ascending wedge pattern, $BTC will likely print a new high in the coming days, but it will be short-lived and most likely with a negative momentum divergence on the RSI.
It should be recognized that the ascending pattern could last several weeks before it is resolved. A bullish resolution would target the 4.618 Fibonacci extension of the 2017-2018 bear market at $80,000.
On the other hand, if #BTC declines below the lower trend line, it needs to hold the SMA50 at $53,590. A failure to hold would turn a short-term correction into a more profound decline and a quick test of the January high at $41,986 followed by the 0.382 Fibonacci retracement level of the 2020-2021 bull market at $39,425. Further support appears at the 0.50 retracement level at $32,500.