Bitcoin just recently broke the downward resistance channel and many are now calling for bitcoin to go to its next all time high! To me, the charts are telling a different story.
-Breaking of the resistance trend line has to be one of the weakest moves I have ever seen, pure market manipulation at its finest.
-We have an ascending wedge, accompanied with a decline in volume, bearish signal.
-MACD can go both ways
-RSI is showing the same as what the wedge is telling us, bears have the upper hand
-Coppock shows the buyers losing momentum
Most likely, bitcoin will retrace. Wait for the wedge to be broken and act accordingly.
-Breaking of the resistance trend line has to be one of the weakest moves I have ever seen, pure market manipulation at its finest.
-We have an ascending wedge, accompanied with a decline in volume, bearish signal.
-MACD can go both ways
-RSI is showing the same as what the wedge is telling us, bears have the upper hand
-Coppock shows the buyers losing momentum
Most likely, bitcoin will retrace. Wait for the wedge to be broken and act accordingly.