MACD - There is some bullish divergence forming on the MACD, price made lower lows whilst the indicator made a higher low.
Falling Wedge, Support Trendline - BTC has been painting a falling wedge pattern since mid-march, volume has been steadily dropping as we approach the apex of the wedge with spikes in volume as price nears the trending support. The trendline support is holding fairly well and is looking like it should generate a bounce that makes the wedge breakout, as it also generated a strong bounce at the last approach to the 6k level which had confluence with a fib level.
After a Break Out - the first stop should be historical resitance at 7.8k, it is likely this will break, however the next level of resistance at 9k has a strong confluence of; Historical support (dotted line), the .382 fib level, Ichimoku Cloud resistance and the macro downtrend trendline resistance.
All of this also supports the long term macro fractal as outlined in my previous published chart (bounce to 9k, and then a break down). Therefore there is a short term long position opportunity, but beware of a bull trap, there is very strong resistance at the 9k area, and is a good opportunity for a short.
Falling Wedge, Support Trendline - BTC has been painting a falling wedge pattern since mid-march, volume has been steadily dropping as we approach the apex of the wedge with spikes in volume as price nears the trending support. The trendline support is holding fairly well and is looking like it should generate a bounce that makes the wedge breakout, as it also generated a strong bounce at the last approach to the 6k level which had confluence with a fib level.
After a Break Out - the first stop should be historical resitance at 7.8k, it is likely this will break, however the next level of resistance at 9k has a strong confluence of; Historical support (dotted line), the .382 fib level, Ichimoku Cloud resistance and the macro downtrend trendline resistance.
All of this also supports the long term macro fractal as outlined in my previous published chart (bounce to 9k, and then a break down). Therefore there is a short term long position opportunity, but beware of a bull trap, there is very strong resistance at the 9k area, and is a good opportunity for a short.
