proficy

BTC falling wedge - there is a possibility to continue the run

proficy Updated   
BITFINEX:BTCUSD   Bitcoin
Just to point your attention to the developing falling wedge in BTC.

There's a good possibility we continue upwards.
Comment:

Pro's for bulls:
- We are still inside the falling wedge
- Bottom of the falling wedge is located on the 50 Retracement level from current top to 7600 Bear Target zone.
- RSI on 4h is looking to cross bullish.
Pro's for bears:
- Volume on drops is high, too high for comfort inside a falling wedge
- RSI on 4h might reject a bullish cross if we get big selling volume.
Comment:

We broke the wedge to the upside.
We are developing a Morning Star pattern on the 4h, MACD is looking to cross Bullish.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.