BTC is still looking overall bearish on the daily.
BTC has been channeling into a descending wedge.
We want to see BTC close above the $7700 on the weekly chart to potentially pause this bearish trend.
Currently BTC is bouncing of the 7700 support and is showing signs of this bearish trend continuing.
Candles have some upper wicks showing signs of rejection.
If we break the lower trend line support we could see a big down trend.
RSI approaching 50% with a likely bounce downwards.
This could be a good short opportunity.
Best case scenarios for BTC ATM:
1. We close with confirmation above 7700
2. We trend downwards and bounce upwards off of the
trend line support.
BTC has been channeling into a descending wedge.
We want to see BTC close above the $7700 on the weekly chart to potentially pause this bearish trend.
Currently BTC is bouncing of the 7700 support and is showing signs of this bearish trend continuing.
Candles have some upper wicks showing signs of rejection.
If we break the lower trend line support we could see a big down trend.
RSI approaching 50% with a likely bounce downwards.
This could be a good short opportunity.
Best case scenarios for BTC ATM:
1. We close with confirmation above 7700
2. We trend downwards and bounce upwards off of the
trend line support.