BTC Forming a Falling Wedge pattern
Falling wedges when formed during a downtrend is a reversal pattern and is denoted by the formation of lower lows and lower highs.
Major resistance at 40000-41600; 44000-47000.
A falling wedge often shows a price breakout to the uptrend. But with major resistance, we can fail at breaking the resistance.
So there are two scenarios. Bearish and bullish.
Bearish - We fail to break the 40k resistance and drop to the mid/low 30k.
Bullish - BTC breaks the 40k resistance and then we will test the 44000-47000 area. And again we can break down or continue the uptrend.
RSI - Looks prime and ready for a pump. Looking at the past BTC rarely reaches 37 RSI levels. Tho the past few weeks we have hovered around this level.
Be extra careful with this much volatility.
DYOR
Have a nice day.
Major resistance at 40000-41600; 44000-47000.
A falling wedge often shows a price breakout to the uptrend. But with major resistance, we can fail at breaking the resistance.
So there are two scenarios. Bearish and bullish.
Bearish - We fail to break the 40k resistance and drop to the mid/low 30k.
Bullish - BTC breaks the 40k resistance and then we will test the 44000-47000 area. And again we can break down or continue the uptrend.
RSI - Looks prime and ready for a pump. Looking at the past BTC rarely reaches 37 RSI levels. Tho the past few weeks we have hovered around this level.
Be extra careful with this much volatility.
DYOR
Have a nice day.
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