BTC DAILY: FORMING A RISING WEDGE AFTER AN UPTREND.. BEARISH AF!
We are currently approaching the bottom of the rising wedge in purple. IF BTC manages to breakout BELOW the 7500-ish level, with HIGH VOLUME, that means a continuation to the downside is imminent.
If this breakout happens, next target will be 6000.
Also, note the crossing of the 50 MA and the 200 MA back in April, highlighted in red. This is a bearish sign. After the cross, BTC went up to retest resistance at the 200 MA and now it seems to be on its way to testing the 50MA, first as support, then when the crossing happens, it could test it as resistance.
Let's wait and see! get the popcorn ready!
Good luck trading fellas!
(This information is for educational purposes only. NOT a buy or sell recommendation)
:)
If this breakout happens, next target will be 6000.
Also, note the crossing of the 50 MA and the 200 MA back in April, highlighted in red. This is a bearish sign. After the cross, BTC went up to retest resistance at the 200 MA and now it seems to be on its way to testing the 50MA, first as support, then when the crossing happens, it could test it as resistance.
Let's wait and see! get the popcorn ready!
Good luck trading fellas!
(This information is for educational purposes only. NOT a buy or sell recommendation)
:)