Another falling wedge pattern has formed after it broke through my bigger falling wedge. Right now, the prices are well within my key zone and so far holding onto this range. Candles are now breaking out of the smaller falling wedge and can now retest the 50200 area.
If it breaks through the 50200 area, my next level to look forward to is the 52100 price level. As shown, this is the green line wherein BTC needs to break to continue its uptrend towards 54700.
As for indicators, RSI and stochastic are on the bottom line while at the same time, the candlesticks touch the support line of the falling wedge which indicates a buy signal. But to be on the safer side, I would wait for other indicators like the MACD to show bullish crossover.
For the bearish point of view, I did see a head and shoulder pattern and if it breaks my falling wedge to the downside, we can see the 44000 zone again.
I am open for feedback, suggestions and advice. Thanks!
If it breaks through the 50200 area, my next level to look forward to is the 52100 price level. As shown, this is the green line wherein BTC needs to break to continue its uptrend towards 54700.
As for indicators, RSI and stochastic are on the bottom line while at the same time, the candlesticks touch the support line of the falling wedge which indicates a buy signal. But to be on the safer side, I would wait for other indicators like the MACD to show bullish crossover.
For the bearish point of view, I did see a head and shoulder pattern and if it breaks my falling wedge to the downside, we can see the 44000 zone again.
I am open for feedback, suggestions and advice. Thanks!