Although I should probably wait to publish this for a little more confirmation, I just wanted to point out the current short term rising wedge (blue lines).
I posted yesterday about some hidden bearish divergence on the 4 hour chart, but it looks like BTC just broke out of the first line of resistance (dotted white line) and is challenging the downward channel (red dashed lines) already. If bitcoin does manage to break out past 58-59K (which would then look like a break out of a bull flag), I think that then would be a very positive sign for BTC as well as all other ALTs. However, I also think there is also a good possibility that BTC will hit rise up to and hit stronger resistance near 57-57.5K at the top of the wedge.
Things however do look positive in the long term if this is indeed a bull flag, particularly if a breakout does occur, but this long without any slight pullback in the short term seems a little unhealthy, particularly in an ascending wedge. Hence I would anticipate some resistance up to around 57K if none happens before then.
I have also seen quite a few posts about some strong positive sentiment as well, so I am always open to an alternative view in the comments if you see otherwise or additionally if you see further validation downward that I am missing.
I posted yesterday about some hidden bearish divergence on the 4 hour chart, but it looks like BTC just broke out of the first line of resistance (dotted white line) and is challenging the downward channel (red dashed lines) already. If bitcoin does manage to break out past 58-59K (which would then look like a break out of a bull flag), I think that then would be a very positive sign for BTC as well as all other ALTs. However, I also think there is also a good possibility that BTC will hit rise up to and hit stronger resistance near 57-57.5K at the top of the wedge.
Things however do look positive in the long term if this is indeed a bull flag, particularly if a breakout does occur, but this long without any slight pullback in the short term seems a little unhealthy, particularly in an ascending wedge. Hence I would anticipate some resistance up to around 57K if none happens before then.
I have also seen quite a few posts about some strong positive sentiment as well, so I am always open to an alternative view in the comments if you see otherwise or additionally if you see further validation downward that I am missing.