WickHunter

Bitcoin Obvious Resistance Level At $8250

بيع
WickHunter تم تحديثه   
COINBASE:BTCUSD   بتكوين
Hello Traders,

Looking at the chart for Bitcoin we can see price fell out of that large triangle formation and hit the 0.854 retrace with a wick. The price has rallied 90% so far from the low and is in a rising wedge formation. The daily 100 and 200 ma's are converging right on the bottom trend line of that triangle, which is now acting as resistance. I have marked the area in red as an obvious zone for resistance.

Price is in a rising wedge which can break both ways but bears will be filling short orders somewhere at the top of this wedge $7350-7400. I expect it to break upwards forcing shorters to cover, this move will then suck in some longs to take the price upto that obvious resistance zone. Maybe a scam wick upwards for maximum reckage then the dump will commence.

Will be looking for loss of momentum as price reaches the red zone.
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A closer look at the target area.
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Warming to this I H+S.
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That I H+S did not happen. There is hidden bull div on the 4hr RSI. Not a massive fan of hidden bull div but it is there. Price is also testing the trendline on that rising wedge. It either bounces here or falls out the wedge.
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Price fell out of the wedge but is now getting close to the red zone.
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Feels like a weekend bull trap. This is the 6th consecutive green week. Red zone still in play.
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Looking at the charts there is the possibility of a 2nd target here, the weekly 50 MA and that trend line.
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Yes I had a feeling that second target would come into play. Interesting to see what happens here...
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this looks like it wants to go higher. any higher then previous top this idea is done.
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Price is in a triangle and can break both ways. Maybe bulls want to keep pushing this until halving but there is a longstanding trend line which will act as resistance.
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