Large wedge structure developed on the daily
THREE is the magic number !!
3 instances of price testing the upper wedge structure
3 instances of price testing the lower support level at 9300
Some indicators to look out for:
- RSI is descending ever since the high on 25th June, with little sign of divergence
- MACD also exhibiting similar traits, currently showing signs of a MACD crossover to the bullish side
- Ichimoku signals bearish leading span. If BTC faces this rejection of the cloud, it is likely to maintain a prolonged bearish downtrend
It could be anyone's guess, but WATCH for volume and any divergence to suggest a break to the upside. Or if failure to the downside, the next major support level would be approx 7500, or the 200MA (in red).
THREE is the magic number !!
3 instances of price testing the upper wedge structure
3 instances of price testing the lower support level at 9300
Some indicators to look out for:
- RSI is descending ever since the high on 25th June, with little sign of divergence
- MACD also exhibiting similar traits, currently showing signs of a MACD crossover to the bullish side
- Ichimoku signals bearish leading span. If BTC faces this rejection of the cloud, it is likely to maintain a prolonged bearish downtrend
It could be anyone's guess, but WATCH for volume and any divergence to suggest a break to the upside. Or if failure to the downside, the next major support level would be approx 7500, or the 200MA (in red).
Comment:
we are indeed testing that base layer of support....... cringeeee...