BTC: retesting its rising wedge support.
#BTC #rank-1
BTC shook every body, created a lot panic, many peoples margin wallet got liquidated, there was blood all over in the street.
But, yesterdays daily candle closed above 200 day MA, which actually was relieving.
But, there can again be a short term panic situation in the market,
as we can clearly see BTC is forming a rising wedge in the 4hr time frame chart(rising wedge is a bearish pattern), then there was breakout of pattern too, but volume was not satisfactory, we can also see that MACD is also not that bearish and nor is the RSI. This indicate it a fake pattern but,
Right now price is retesting the support line of the wedge pattern, if price successfully break that support level and holds above it then market will have the bull sentiment and then we can call it a bear trap or a fake pattern. But if the price does not hold that support of the wedge and falls then we can see the retest of support level of 34.8k or 29.2k, and then market will have the short term bearish sentiment and then after holding one of the support level it will get ready for the next phase.
But as for long term i am very for the market.
And we are still in bull run.
Thank you.
BTC shook every body, created a lot panic, many peoples margin wallet got liquidated, there was blood all over in the street.
But, yesterdays daily candle closed above 200 day MA, which actually was relieving.
But, there can again be a short term panic situation in the market,
as we can clearly see BTC is forming a rising wedge in the 4hr time frame chart(rising wedge is a bearish pattern), then there was breakout of pattern too, but volume was not satisfactory, we can also see that MACD is also not that bearish and nor is the RSI. This indicate it a fake pattern but,
Right now price is retesting the support line of the wedge pattern, if price successfully break that support level and holds above it then market will have the bull sentiment and then we can call it a bear trap or a fake pattern. But if the price does not hold that support of the wedge and falls then we can see the retest of support level of 34.8k or 29.2k, and then market will have the short term bearish sentiment and then after holding one of the support level it will get ready for the next phase.
But as for long term i am very for the market.
And we are still in bull run.
Thank you.
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