Quick TA on BTC
Observations:
- Price action trending within larger wedge structure
- Respecting lower bound of Ichimoku Cloud
- Seems to have broken out from the Bollinger Band squeeze, but to the downside
- Bearish crossover 50MA over 100MA
- Testing support zone (highlighted in orange)
- If this fails, next support level is 200MA or $8000
- No divergence detected on the oscillators, bearish case is rather strong
Observations:
- Price action trending within larger wedge structure
- Respecting lower bound of Ichimoku Cloud
- Seems to have broken out from the Bollinger Band squeeze, but to the downside
- Bearish crossover 50MA over 100MA
- Testing support zone (highlighted in orange)
- If this fails, next support level is 200MA or $8000
- No divergence detected on the oscillators, bearish case is rather strong