Hello my dear friends ; I'm coming back with another analysis about BTC and what we can expect from it in the near future .
As you can see in the chart we have some strong signs of weakness in the weekly timeframe which tells us that we can expect more bearish impulse from BTC and also this signs are pretty important because we have these in the higher time from so as you might know ; the higher time frame you look and decide based on , the more reliable it becomes .
The first one is RSI bearish divergence :
we have a clear divergence between the RSI and the chart which represents us , that the bulls are loosing their control over the upward movement and the bears could take the control .
in my opinion if the support line which is also the neckline of the H&S pattern being broken , a huge dump for BTC is inevitable which goes us to the next sign :
As you know the H&S pattern is a reversal pattern and usually form in the end of the upward movements and now we have one and also a bearish divergence in the RSI , which in my opinion could be a dangerous combination .
In the other hand we have a rising wedge which also a bearish pattern , in this case I can say thar the target of the H&S pattern and rising wedge are correlated together and is around 0.786 Fib level at approximately 20k level .
I hope you enjoy this idea .
As you can see in the chart we have some strong signs of weakness in the weekly timeframe which tells us that we can expect more bearish impulse from BTC and also this signs are pretty important because we have these in the higher time from so as you might know ; the higher time frame you look and decide based on , the more reliable it becomes .
The first one is RSI bearish divergence :
we have a clear divergence between the RSI and the chart which represents us , that the bulls are loosing their control over the upward movement and the bears could take the control .
in my opinion if the support line which is also the neckline of the H&S pattern being broken , a huge dump for BTC is inevitable which goes us to the next sign :
As you know the H&S pattern is a reversal pattern and usually form in the end of the upward movements and now we have one and also a bearish divergence in the RSI , which in my opinion could be a dangerous combination .
In the other hand we have a rising wedge which also a bearish pattern , in this case I can say thar the target of the H&S pattern and rising wedge are correlated together and is around 0.786 Fib level at approximately 20k level .
I hope you enjoy this idea .