Week candles are presenting a very well placed argument for a potential reversal on VTC/BTC charts.
The consolidation wedge is coming to a close, and the support lines of 8500 sats and 5600 sats are drawing close. The stochastic and stochastic RSI oscillators are showing it being oversold while RSI alone shows that there is still a lot of room to go before it becomes an oversold reversal point. On the other hand the MACD as well is converging in favor of a reversal.
The week candle chart does have a death cross and no position to show a golden cross incoming any time soon. Could there be potential wriggle room for a short lived pump that will boost price? There is definitely room in the wedge and in the RSI bands for a short lived price boost to the top of the consolidation wedge. Could it boost to the top of the RSI bands, not likely but this market has random swings that don't follow convention so it could be in the cards.
This is just an idea not investment advice.
The consolidation wedge is coming to a close, and the support lines of 8500 sats and 5600 sats are drawing close. The stochastic and stochastic RSI oscillators are showing it being oversold while RSI alone shows that there is still a lot of room to go before it becomes an oversold reversal point. On the other hand the MACD as well is converging in favor of a reversal.
The week candle chart does have a death cross and no position to show a golden cross incoming any time soon. Could there be potential wriggle room for a short lived pump that will boost price? There is definitely room in the wedge and in the RSI bands for a short lived price boost to the top of the consolidation wedge. Could it boost to the top of the RSI bands, not likely but this market has random swings that don't follow convention so it could be in the cards.
This is just an idea not investment advice.