BTC is showing an ascending wedge with possible fall out. Along with the ascending wedge shows the Head being complete in a diagonal H&S pattern, in which the head to neckline drop would coincide with the local supports of 6600. I will highlight the bearish factors as follows.
Note: The daily is still bullish in my opinion with BTC touching upwards of 6900, which coincides with the overall upper trendline.
Bearish Points:
- Pattern showing a rising wedge
- Candle pattern shows a H&S with the H forming.
- RSI Showing overbought territory with slight trail downwards
- Stoch RSI showing overbought territory with slight trail downwards
- Mac D Histogram shortening up showing loss of momentum for the Bulls.
- Oscillators are showing the start of a bearish divergence.
Note: The daily is still bullish in my opinion with BTC touching upwards of 6900, which coincides with the overall upper trendline.
Bearish Points:
- Pattern showing a rising wedge
- Candle pattern shows a H&S with the H forming.
- RSI Showing overbought territory with slight trail downwards
- Stoch RSI showing overbought territory with slight trail downwards
- Mac D Histogram shortening up showing loss of momentum for the Bulls.
- Oscillators are showing the start of a bearish divergence.