Bitcoin is being troublesome! I spotted this potential pattern playing out, let me know what you think.
So, the pattern is known as an ascending broadening wedge. It is typically bearish.
We can see that the previous test of the up channel was a wedge of this form; if this wedge is valid, it will take us out of the channel.
However, if that *does* occur, then we will be heavily oversold on both the MACD and the RSI. We can, then, and following standard analysis, suppose that it will be followed by a fall the height of the wedge. Strangely enough: that would take us back down to the trend line (around 7k).
This could, then, be that false breakout everyone is talking about.
Good luck out there :)
Not investment advise, etc.
So, the pattern is known as an ascending broadening wedge. It is typically bearish.
We can see that the previous test of the up channel was a wedge of this form; if this wedge is valid, it will take us out of the channel.
However, if that *does* occur, then we will be heavily oversold on both the MACD and the RSI. We can, then, and following standard analysis, suppose that it will be followed by a fall the height of the wedge. Strangely enough: that would take us back down to the trend line (around 7k).
This could, then, be that false breakout everyone is talking about.
Good luck out there :)
Not investment advise, etc.