Please refer to my previous posts on Bitcoin. I do not trade it. My only interest in it is to observe how its price behaves if the market drops significantly again. I am interested to see if it succumbs to deflationary forces much like I believe gold might.
On the daily chart I see a rising wedge (yellow) that may have already broken. It may be trying perform a backtest now.
Also notice the previous rising wedge leading up to the February crash. In both cases there was bearish RSI divergence.
Note that it has broken out of the reddish-pink structure. That is a long-term multi-month bull flag. If the price falls dramatically, this recent action above the bull flag might be a false breakout, and if it does drop back within the bull flag structure, it may fall significantly. On the other hand, it also may be trying to find support on that structure before sailing off to new highs sooner, rather than later.
On the daily chart I see a rising wedge (yellow) that may have already broken. It may be trying perform a backtest now.
Also notice the previous rising wedge leading up to the February crash. In both cases there was bearish RSI divergence.
Note that it has broken out of the reddish-pink structure. That is a long-term multi-month bull flag. If the price falls dramatically, this recent action above the bull flag might be a false breakout, and if it does drop back within the bull flag structure, it may fall significantly. On the other hand, it also may be trying to find support on that structure before sailing off to new highs sooner, rather than later.