Rising wedge bearish pattern has formed on hourly chart, and a breakout is underway to mark a highly probable bearish trend. The trend will either stop at the base of the wedge in the zone 64665.70 ~ 65033.72 USDT or continue to the previous support zone 62590.06 ~ 63355.54 USDT.
The major trend is still bullish signaled by Fib-EMA cross over between fib 55 and 233 (golden cross) on the 15h of May hourly chart, which suggests a reversal after the stop of this bearish trend into a bullish trend again.
The daily chart shows a grander image of this bearish trend as a retest for the bullish flag pattern on daily around 62201.46 USDT, which is expected to go all the way up to 83983.33 USDT matching the height of the beginning of the original trend. Coincidentally meeting with a local resistance too from the rising wedge earlier (not very important observation but just noted).
The major trend is still bullish signaled by Fib-EMA cross over between fib 55 and 233 (golden cross) on the 15h of May hourly chart, which suggests a reversal after the stop of this bearish trend into a bullish trend again.
The daily chart shows a grander image of this bearish trend as a retest for the bullish flag pattern on daily around 62201.46 USDT, which is expected to go all the way up to 83983.33 USDT matching the height of the beginning of the original trend. Coincidentally meeting with a local resistance too from the rising wedge earlier (not very important observation but just noted).
Comment:
Re-test didn't happen which weakens the wedge reversal analysis but the estimated outcome is still possible. On the other hand, the trend is continuing on a horizontal channel with a triple top touch pattern suggesting a downtrend as well.
Comment:
and here we go, lets keep watch around zone 1
Comment:
hourly EMA 233 is at the bottom edge of zone 1 and we know ema 200 or ema 233 are good support lines. which makes it a a good deterrent from going further to zone 2. the downtrend is highly probable to stop in zone 1 at least for some time.
Comment:
ok my analysis didn't account for the weak support at 65887.66 USDT to be come the stop point of the downtrend, My bad. but the rest is going as expected and this idea is concluded. the price is above the local support line from the wedge now and I don't think it will attempt to retest the flag on daily, it will just continue the break out.