**BTC 4Hr** @everyone this is a pinnacle update, we should all be aware of what is going on / could eventuate.
What we think the market is *going to do* doesn't always happen...
As Wolf mentions above, it is a battle of the patters... This chart is an amalgamation of what I have seen on other peoples charts, so I tip my hat to those I look up too, I have expanded on that.
A] We have been in a confirmed descending wedge for about a week. We bounced off of $8200 then $7900 at which which point we made a reversal, but we have not seen the volume to back this up. To break out we need people to be buying the break out.
B] When we *did* start to move up again, it was at a ***very*** sharp angle these moves are notoriously unsustainable.
C] We have the **Hidden Bearish Divergence** on the RSI, a silent killer to those that dont recognise it. Bearish Divergence in **any** regard is never a good thing...
D] Death cross on the 50MA below the 200MA as well as the 100MA crossing the 200MA (Not as prolific of a move, but not a good thing either.)
E] We saw that when we bounce from $8200 that we failed to break above the 200MA. (The 200MA failed to support us when we started moving down from $10K and it was acting as **very strong resistance** when we tried to break above it again.)
TL;DR - Overall sentiment = Bearish
What we think the market is *going to do* doesn't always happen...
As Wolf mentions above, it is a battle of the patters... This chart is an amalgamation of what I have seen on other peoples charts, so I tip my hat to those I look up too, I have expanded on that.
A] We have been in a confirmed descending wedge for about a week. We bounced off of $8200 then $7900 at which which point we made a reversal, but we have not seen the volume to back this up. To break out we need people to be buying the break out.
B] When we *did* start to move up again, it was at a ***very*** sharp angle these moves are notoriously unsustainable.
C] We have the **Hidden Bearish Divergence** on the RSI, a silent killer to those that dont recognise it. Bearish Divergence in **any** regard is never a good thing...
D] Death cross on the 50MA below the 200MA as well as the 100MA crossing the 200MA (Not as prolific of a move, but not a good thing either.)
E] We saw that when we bounce from $8200 that we failed to break above the 200MA. (The 200MA failed to support us when we started moving down from $10K and it was acting as **very strong resistance** when we tried to break above it again.)
TL;DR - Overall sentiment = Bearish