BTC has been forming a wedge after the dip occurred a few days ago. As the wedge has continued to form, hidden bearish continuation divergence has also appeared on RSI giving confirmation that further downward trends may continue as the wedge has begun to break downward.
There are still a few bullish patterns that are possible, for example, this could be the beginning of an inverse head and shoulders formation or the wedge could really look like an ascending triangle, but from what I can tell, most trends look bearish.
If a dip does occur, a new descending channel may be forming that looks to trend toward $50K in the short term toward longer term support, however, stronger support looks to be around 46-48K where there are stronger Fibonacci support levels.
Please like if you agree or leave a comment as to what you see, as I would love to hear your thoughts.
There are still a few bullish patterns that are possible, for example, this could be the beginning of an inverse head and shoulders formation or the wedge could really look like an ascending triangle, but from what I can tell, most trends look bearish.
If a dip does occur, a new descending channel may be forming that looks to trend toward $50K in the short term toward longer term support, however, stronger support looks to be around 46-48K where there are stronger Fibonacci support levels.
Please like if you agree or leave a comment as to what you see, as I would love to hear your thoughts.