We are in a ascending wedge pattern marked by the red trend lines, this means there is a high chance of a notable price drop in the near future. If we can break through the top of the wedge pattern then test the overhead resistance at 7850 we can expect some large breakouts. Again my current thoughts are bearish, but there is a good chance we can break this wedge and continue into the hand of the bulls.
This is in no way financial advice and by no means should anyone take this as advice. I'm new to technical analysis and would love your opinions whether they're they're the same as mine or opposing. You can never have to many outlooks on life.
This is in no way financial advice and by no means should anyone take this as advice. I'm new to technical analysis and would love your opinions whether they're they're the same as mine or opposing. You can never have to many outlooks on life.
Comment:
As predicted bitcoin has taken a plummet. We have broken the red trend line of the ascending wedge pattern, next support to be tested will be the 7600 mark. At this point it doesn't look 7600 will be our low. Prepare for more drops.
Divergence in RSI forming, expect in the next few hours the price action to fall and test the lower trend line of the red wedge.