Just looking at this chart, it’s quite obvious that a huge move is coming as there is a Diminishing Volume.

Nobody knows where Bitcoin is going although there are telltale signs.

RSI – has a Bearish Divergence

MACD – has a Bearish Divergence

Price – is Distant from its 21 Week Moving Average

Chart Pattern – has a Rising Wedge

You may think this is a perfect recipe for a reversal due to the fact that both the RSI and MACD have Bearish Divergences.

Well, you could be right, but not all rising wedges break to the downside.

Although, given that the indicator are divergent to what price action is doing you may have a point and plus every asset always, always reverts to its price average.

But the only King of the charts is PRICE ACTION.

Let’s Keep It Simple Stupid.

So, the very thing that I am currently closely watching now here on this chart is the GREEN SUPPORT LINE of the Rising Wedge.

Obviously, if Bitcoin breaches support, there will be a likelihood of a reversal and the 21 Week MA is the most expected destination. If this is the scenario that will play out, then I’m getting ready to BUY.

And we also don’t disregard that the crypto markets sentiment is now at Extreme Greed levels. That’s another recipe to this boiling cauldron of unsuspecting retailers FOMOing.

Alright traders, courteous comments welcome in the comments section below.

Send me your thoughts.

More power to all your trades, my friends!

Have an awesome weekend!

Make it great!



Most Related Links :
newsbinding Governmental News Finance News

Source link

Back to top button