After a strong sell off which was triggered on 14 Nov the leading crypto currency found a new support of $5432, after breaking the previouse triangle's support the new move made a falling wedge which is optimistic coz most of the times the falling wedge ends up with a breakout.
The volume profile fixed range from every high to low within the wedge is showing that after massive sell off we are in the area where traders are not much active this can result in a long term sideways move.
The RSI up-to 2 days chart is in oversold condition and 3 day RSI will be oversold soon which gives some support to Bitcoin in this crisis.
If we see the pitchfork from 24 july uptill now the Bitcoin touched the upper and lower parralel lines only once, the most traded area is below the median line but the price action always respects the lower parallel line and never broke it.
Now to gain a breakout is likely to be a tough task for Bitcoin coz it has two layers to break 1st the wedge resistance and then the pitchfork upper parallel line but I hope if priceline breaks the wedge resistance then this breakout will give more support to break upper limit to gain massive breakout insha Allah.
Best of luck and regards,
Atif Akbar (Moon333)
The volume profile fixed range from every high to low within the wedge is showing that after massive sell off we are in the area where traders are not much active this can result in a long term sideways move.
The RSI up-to 2 days chart is in oversold condition and 3 day RSI will be oversold soon which gives some support to Bitcoin in this crisis.
If we see the pitchfork from 24 july uptill now the Bitcoin touched the upper and lower parralel lines only once, the most traded area is below the median line but the price action always respects the lower parallel line and never broke it.
Now to gain a breakout is likely to be a tough task for Bitcoin coz it has two layers to break 1st the wedge resistance and then the pitchfork upper parallel line but I hope if priceline breaks the wedge resistance then this breakout will give more support to break upper limit to gain massive breakout insha Allah.
Best of luck and regards,
Atif Akbar (Moon333)
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If one candle stick would be closed completely out of the wedge's support can lead to the disaster
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