Potential Falling Wedge Forming on BTC/USD Pair
Hi traders,
After BTC's massive pump and dump seen recently, BTC may be forming a falling wedge pattern (most notable on hourly chart) that could take it as low as ~8.3K. Watch out for a drop in the coming 8 hours that would line up with this potential pattern and commence to give it more validity.
The hourly MACD seems to support this potential drop as it is currently above 0 but gaining bearish momentum. Additionally, the hourly RSI appears to be caught in a downtrend even as price was originally rising before and during the pump. Also, sell volume has been predominant since the drop.
Finally, one thing to note is that the drop according to this pattern would still keep BTC above the 200D SMA visible near the bottom of the chart.
Thank you for your support on my previous ideas! If you like my analysis, please leave a like and comment. Let me know what you guys think, I'm open to and interested in other's ideas :)
PS: This is not a prediction but rather just something to watch out for in case you were currently longing.
Disclaimer: Do not take this as trading suggestions, simply ideas.
After BTC's massive pump and dump seen recently, BTC may be forming a falling wedge pattern (most notable on hourly chart) that could take it as low as ~8.3K. Watch out for a drop in the coming 8 hours that would line up with this potential pattern and commence to give it more validity.
The hourly MACD seems to support this potential drop as it is currently above 0 but gaining bearish momentum. Additionally, the hourly RSI appears to be caught in a downtrend even as price was originally rising before and during the pump. Also, sell volume has been predominant since the drop.
Finally, one thing to note is that the drop according to this pattern would still keep BTC above the 200D SMA visible near the bottom of the chart.
Thank you for your support on my previous ideas! If you like my analysis, please leave a like and comment. Let me know what you guys think, I'm open to and interested in other's ideas :)
PS: This is not a prediction but rather just something to watch out for in case you were currently longing.
Disclaimer: Do not take this as trading suggestions, simply ideas.
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