BTCUSD BITCOIN Technical Analysis: Top of Ascending Wedge!!
BTC seems to have formed an ascending wedge formation since the sell off on 10 May 2020, which is traditionally a bearish omen.
Now, BITCOIN BTCUSD is currently testing the top resistance of the wedge @ 9930, for a breakout above it, look for an hourly closing candle above 9930 - 9950 region for a BUY opportunity. From there, we look for BTC to retest the major resistance @ 10000.
A rejection by the wedge top would bring u to the nearest support @ 9550 - 9600 region, which coincidentally overlaps with the 50 moving average (MA) line, further strengthening this base as a strong support, offering us a quick SHORT opportunity.
Therefore, I would not suggest buying in at this time, but wait for the pullback to the bottom of the wedge then rebound confirmation OR a breakout above the wedge with bullish candle pattern confirmations.
As always, trade carefully and with stop loss orders. Feel free to like my post if you like what I shared, thank you!
Best Regards,
GOLD D ROGER
A humble, beginner trader
Now, BITCOIN BTCUSD is currently testing the top resistance of the wedge @ 9930, for a breakout above it, look for an hourly closing candle above 9930 - 9950 region for a BUY opportunity. From there, we look for BTC to retest the major resistance @ 10000.
A rejection by the wedge top would bring u to the nearest support @ 9550 - 9600 region, which coincidentally overlaps with the 50 moving average (MA) line, further strengthening this base as a strong support, offering us a quick SHORT opportunity.
Therefore, I would not suggest buying in at this time, but wait for the pullback to the bottom of the wedge then rebound confirmation OR a breakout above the wedge with bullish candle pattern confirmations.
As always, trade carefully and with stop loss orders. Feel free to like my post if you like what I shared, thank you!
Best Regards,
GOLD D ROGER
A humble, beginner trader
M5 timeframe outlook