BTC Potential reversal and alternative path before pumping
As we trace long term patterns, we see some of them crossing and perhaps foreshadowing what might happen on lower timeframes.
A channel down pattern shown by bigger trend lines might indicate it will touch base at support (10-12K) and should breakout to the upside to join the next resistance.
Volume is low, would expect this to happen until more volume hits the market.
Market bottom is near, could break support and join the 8K range; I wouldn't be amazed.
Hopefully the 11-12K support is strong enough.
RSI not hitting the lower oversold yet on the weekly and hourly, however the daily and 4h timeframe are in the oversold. Suggesting possible rebound and small corrections within the wedge
A channel down pattern shown by bigger trend lines might indicate it will touch base at support (10-12K) and should breakout to the upside to join the next resistance.
Volume is low, would expect this to happen until more volume hits the market.
Market bottom is near, could break support and join the 8K range; I wouldn't be amazed.
Hopefully the 11-12K support is strong enough.
RSI not hitting the lower oversold yet on the weekly and hourly, however the daily and 4h timeframe are in the oversold. Suggesting possible rebound and small corrections within the wedge
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.