BTC - One more leg down?
The market structure is developing strong signs of a foundation being built before the next moves to the upside, but will a short term move down provide an opportunity for additional liquidity.
It seems we are creating some sort of rising wedge on the 4H in addition to some short term weakness on the RSI. Normally, rising wedges (or in this case could be looked at as a bear flag) break down. If that was the case we could retest our lower trendline or even as low as
48K before the rally continues.
The way to negate this bearish pattern would be to break and close above the upper trendline (60k+) this would also help price action reclaim the 200 day moving average which is vital for remaining in our upwards trend.
It seems we are creating some sort of rising wedge on the 4H in addition to some short term weakness on the RSI. Normally, rising wedges (or in this case could be looked at as a bear flag) break down. If that was the case we could retest our lower trendline or even as low as
48K before the rally continues. The way to negate this bearish pattern would be to break and close above the upper trendline (60k+) this would also help price action reclaim the 200 day moving average which is vital for remaining in our upwards trend.
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