I noticed a few days ago that BTC was in a falling wedge noticeable on 4H chart. This is considered a bullish pattern, and normally once it breaks out there is a retest of the wedge top trend line, and this is exactly what it is looking like.
Once 11500 broke that was a clear sign for his drop to test the wedge.
- But remember that not everything looks 100% bullish, because the MACD and Stochs on 2H, 4H, 8H time frames look weak and are losing momentum. This could signal some consolidation at this region BTC is currently at right now (11200ish).
If BTC can hold this region and make it's way back up above 12400, this would most likely result in a strong bull run back to prior local highs around 14000 as there is no overhead resistance.
- If BTC doesn't break the highs then it would be a very bearish sign and would look like either a double top or a lower high = implying further downside...
Be very careful in this region, I am neutral right now but am ready for either direction.
Once 11500 broke that was a clear sign for his drop to test the wedge.
- But remember that not everything looks 100% bullish, because the MACD and Stochs on 2H, 4H, 8H time frames look weak and are losing momentum. This could signal some consolidation at this region BTC is currently at right now (11200ish).
If BTC can hold this region and make it's way back up above 12400, this would most likely result in a strong bull run back to prior local highs around 14000 as there is no overhead resistance.
- If BTC doesn't break the highs then it would be a very bearish sign and would look like either a double top or a lower high = implying further downside...
Be very careful in this region, I am neutral right now but am ready for either direction.
