Massive Rising wedge on the weekly + Bearish divergence!

27 авг. 2020 г.

Hey guys, good to be back at a crucial point. I just wrote a massive TA for y'all and accidentally pressed the escape button x(

Hope you guys an awesome rest of 2020. This year was surely a rollercoaster. The most hectic year for the past 3 decades for me personally. I learned a lot of things this year. So much stuff I had never thought or realized before.

As for Bitcoin, things are looking bad again. A continuation for the 2020 rollercoaster ride. We were climbing that calm upward slope before that massive drop. That Rising wedge is crazy big. the support line starts from that 3880$ drop back in March. Now imagine how big of a correction we're in if it really plays off...


My take on Bitcoin is this. There's a massive Rising wedge on the daily and monthly coupled with a bearish divergence on the daily starting at August 1 throughout the entire month. Now, both the RSI and price can still bear 1 more leg up. The RSI can still go to 55 while the price climbs above 12k, possibly touching the 13.5k level and still be in this Rising wedge with a diverging RSI. It looks more and more probable that we're headed to that 9.6k CME gap and way below that in the near future. Not necessary but still extremely probable.

The FED has an announcement to make about inflation in less than a day and we await to see what will be said.

Meanwhile, position yourself for massive bloodshed in altcoins as well as Bitcoin in the coming weeks/months.

However, if the FED says that the inflation will happen then the dollar will drop and this scenario for the crypto market will rather be a positive one together with GOLD and the stock market.

We must be patient and await. Just be patient.

Good trading for you guys! see you in the next one!

Peace out!