Bitcoin (BTC) - a wildly simple look at BTC weekly
Pulling back to analyse the weekly on BTC. We see an ascending triangle continuation pattern (if it breaks to the bottom a possible sideways channel)
Top of the triangle is a strong confluence of weekly opens. See Volumes dropping throughout consolidation. RSI over the longer term has set a hidden bullish divergence continuation pattern. MACD has set a hidden bullish divergence continuation pattern. RSI and MACD on short term are forming bearish divergence currently (OBV is currently slightly bearish on recent bars too), possible sign of pull back to 48k range to test triangle lower trend, before attempt to break up again. Looking for clear volume spike on the breakout if it occurs. 4 days until the close of this week candle, if we see a break in the coming days, would be looking for that candle to close strong above triangle top
OBV is bullish and testing key level, RSI has reset on the 50 and is testing upper trend. Is there the momentum to break through these, or does the shorter term bearish divergence suggest the need for a pull back, retest of lower trend, before another run up. BTC dominance looks like there is enthusiasm for more upside
(There seems to have been a lot of action by market makers at key resistance levels, which makes me nervous, but the trend is upwards currently)
Down side looks to be a sideways channel, with a possible revisit to the lower levels marked on the chart
Top of the triangle is a strong confluence of weekly opens. See Volumes dropping throughout consolidation. RSI over the longer term has set a hidden bullish divergence continuation pattern. MACD has set a hidden bullish divergence continuation pattern. RSI and MACD on short term are forming bearish divergence currently (OBV is currently slightly bearish on recent bars too), possible sign of pull back to 48k range to test triangle lower trend, before attempt to break up again. Looking for clear volume spike on the breakout if it occurs. 4 days until the close of this week candle, if we see a break in the coming days, would be looking for that candle to close strong above triangle top
OBV is bullish and testing key level, RSI has reset on the 50 and is testing upper trend. Is there the momentum to break through these, or does the shorter term bearish divergence suggest the need for a pull back, retest of lower trend, before another run up. BTC dominance looks like there is enthusiasm for more upside
(There seems to have been a lot of action by market makers at key resistance levels, which makes me nervous, but the trend is upwards currently)
Down side looks to be a sideways channel, with a possible revisit to the lower levels marked on the chart
