Bullish BTC breakout
Hi all
The 10 month long downtrend has led to a very bearish marked sentiment. However, I have noticed some important signals pointing to an incoming turn of the marked.
First, BTCUSD has not broken the previous low from June 28th. On Aug 14th BTC printed a higher low. If BTC stays above 5880, a new higher low is made. This is then a clear and unambiguous uptrend.
Second, BTCUSD has over the last week formed a descending broadening wedge suggesting the next move is bullish breakout. Potentially this breakout is sooner rather than later as price now moves within a triangle.
Third, supporting a bullish breakout of the descending broadening wedge are bullish divergences on RSI and stochastic RSI.
BTCUSD is setup for a bullish break if it breaks the upper resistance line of the broadening wedge. This can potentially initiate a cascade by triggering a near ATH BTC shorts covering. A break of the lower broadening wedge line will invalidate the idea.
The 10 month long downtrend has led to a very bearish marked sentiment. However, I have noticed some important signals pointing to an incoming turn of the marked.
First, BTCUSD has not broken the previous low from June 28th. On Aug 14th BTC printed a higher low. If BTC stays above 5880, a new higher low is made. This is then a clear and unambiguous uptrend.
Second, BTCUSD has over the last week formed a descending broadening wedge suggesting the next move is bullish breakout. Potentially this breakout is sooner rather than later as price now moves within a triangle.
Third, supporting a bullish breakout of the descending broadening wedge are bullish divergences on RSI and stochastic RSI.
BTCUSD is setup for a bullish break if it breaks the upper resistance line of the broadening wedge. This can potentially initiate a cascade by triggering a near ATH BTC shorts covering. A break of the lower broadening wedge line will invalidate the idea.
ملاحظة
Idea went exactly as expected!
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.