BTCUSD Falling Wedge| Low Volume| Break Imminent!
Hello Traders!
Quick update today on BTCUSD's immediate trend, where we have a probable falling wedge formation bound to break.
Points to consider,
- Trend testing resistance
- .382 and 128 MA holding support
- Stochastics in lower regions
- RSI respecting trend line
- Volume declining
BTC’s immediate trend is trading very close to its apex of this falling wedge; this signals a break will be imminent as key levels converge.
The .382 Fibonacci in confluence with the 128 MA acting as support establishes the case of strong buy pressure being evident.
The stochastics is coming close to its apparent apex whilst being in lower regions, evidently signalling stored momentum to the upside.
RSI is respecting it local trend line, must hold for a bullish bias, a break will increase the probabilities of BTC breaking bearish.
Volume is clearly declining, which is a strong indicator of signalling a move being imminent in the near future.
Overall, in my opinion, BTC’s immediate trend will manifest a break in either direction as volume is clearly declining as price comes close to its apex. This current formation of a falling wedge has a greater probability of breaking up as it serves as a bullish continuation pattern.
What are your thoughts?
Please leave a like and comment,
And remember,
“Freedom from blind reactivity begins with self-awareness.”
― Yvan Byeajee,
Quick update today on BTCUSD's immediate trend, where we have a probable falling wedge formation bound to break.
Points to consider,
- Trend testing resistance
- .382 and 128 MA holding support
- Stochastics in lower regions
- RSI respecting trend line
- Volume declining
BTC’s immediate trend is trading very close to its apex of this falling wedge; this signals a break will be imminent as key levels converge.
The .382 Fibonacci in confluence with the 128 MA acting as support establishes the case of strong buy pressure being evident.
The stochastics is coming close to its apparent apex whilst being in lower regions, evidently signalling stored momentum to the upside.
RSI is respecting it local trend line, must hold for a bullish bias, a break will increase the probabilities of BTC breaking bearish.
Volume is clearly declining, which is a strong indicator of signalling a move being imminent in the near future.
Overall, in my opinion, BTC’s immediate trend will manifest a break in either direction as volume is clearly declining as price comes close to its apex. This current formation of a falling wedge has a greater probability of breaking up as it serves as a bullish continuation pattern.
What are your thoughts?
Please leave a like and comment,
And remember,
“Freedom from blind reactivity begins with self-awareness.”
― Yvan Byeajee,
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