In my most recent BTC analysis I talked about the fact that BTC managed to break out through the main bear market resistance, which made me switch bullish with a target of 40.000, which has played out well!
For the time being, BTC has a bit of trouble getting through the top resistance of the rising wedge pattern. Personally, I'm anticipating a break out soon, seeing the amount of new buyers entering the market.
On the other hand, we can still fall back towards the support of the pattern. Not very likely, but surely a possibility. In that case, buying from the bottom support would be a great entry point.
the RSI is also confirms the up trend. Biggest moves happen when it enters the "over-bought" (> 70) and "over-sold" (<30) territory on any timeframe. Depending on the timeframe this indicates how big of a price action we are talking about. Now the 1-7D RSIs are above 70, which can easily bring BTC up to 38-40k. But ofc there is no guarantee, it could also lose its steam (if it takes too long) at this local top and retrace back to 29-30k
Henrywaters
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excuse me for a moment, that shark looks like we hit $36,000 to 37, but we only hit 35k, or am I missing something? thanks
@FieryTrading I'm sorry about this I was wondering if you would you be so kind as to go into further detail about this because I am not sure what you mean. is there a logarithmic Bitcoin chart somewhere that I can type in? or did you mean an indicator that I could check out? thank you very much
FieryTrading
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@Henrywaters, Right click on the left Y-axis on your chart, click on Logarithmic, or click the small L on the bottom right corner.
TheGrove
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Nice ,keep go
JMSBurton
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My TA is suggesting at least one more local high in this set.
adamadamd
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Ty for your analysis. The graph looks RISING WEDGE ?? is it not bearish pattern?