Hello,
BTCUSD on bitfinex seems to be in a falling wedge and forms bullish divergence on the 1h and lower timeframes (not on higher timeframes yet). The apex of the falling wedge is around 5300 USD, which also corresponds with the long term log-trendline dating back to 2015. I expect a reversal around this level (+- 100 USD) at the latest. MACD on 1h shows a bullish (but kind of fragile) crossover and RSI is in oversold areas.
However, I would be worried if BTCUSD would convinvingly break below 5300 USD.
Let's see how it develops. Note that I am using the log-chart and I have basically no clue what I am doing here.
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
BTCUSD on bitfinex seems to be in a falling wedge and forms bullish divergence on the 1h and lower timeframes (not on higher timeframes yet). The apex of the falling wedge is around 5300 USD, which also corresponds with the long term log-trendline dating back to 2015. I expect a reversal around this level (+- 100 USD) at the latest. MACD on 1h shows a bullish (but kind of fragile) crossover and RSI is in oversold areas.
However, I would be worried if BTCUSD would convinvingly break below 5300 USD.
Let's see how it develops. Note that I am using the log-chart and I have basically no clue what I am doing here.
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.