Something else to watch out for is the RSI divergence forming on D1 + ascending broadening wedge, possibly signalling a trend reversal. All of this near a very important level of 48-50k from which the sell off begun in May. Could this be a massive bearish retest? This could add extra confluence to the previously shared bearish weekly outlook and we can see that one start unfolding.
Comment:
Forgot to add - RSI rejected at 50 on both
Comment:
Overlooked the fact we were at 50 RSI on 12H and a bounce was likely. Invalidated for now.
Overlooked the fact we were at 50 RSI on 12H and a bounce was likely. Invalidated for now.
4H chart - BTC and ETH are going in tandem. Broke out of their formations and flipped support into resistance. Might be a good place for a short on one or both of them.