This shape is generally a bearish pattern, with the likelihood of a breakdown to the next major support area.
The rising wedge pattern is one of the numerous tools in technical analysis, often signaling a potential move in the asset or broader market. Recognizing this pattern involves identifying a narrowing range of prices enclosed by two upward-sloping trendlines that converge over time.
Price is stalling at a major resistance. This is likely to be an area for traders taking profit who bought in the range of 16,000 to 30,000.
The RSI is above 70, which often signals a reversal for BTC.
The next major support coincides with the area between the .5 and the .618 fib retracement level around 31,000.
NFA
Do your own DD
Thanks for looking at my idea!
The rising wedge pattern is one of the numerous tools in technical analysis, often signaling a potential move in the asset or broader market. Recognizing this pattern involves identifying a narrowing range of prices enclosed by two upward-sloping trendlines that converge over time.
Price is stalling at a major resistance. This is likely to be an area for traders taking profit who bought in the range of 16,000 to 30,000.
The RSI is above 70, which often signals a reversal for BTC.
The next major support coincides with the area between the .5 and the .618 fib retracement level around 31,000.
NFA
Do your own DD
Thanks for looking at my idea!
