BTC: Descending Wedge + Divergence
Since the drop on August 14th, Bitcoin has been forming a descending wedge pattern with bullish divergence on multiple time frames.
On this 3-day chart, we can see that this support zone has very strong buying power. Whales are absorbing that zone.
A successful break to the upside should retest the 22.5K resistance area in the coming weeks.
Bearish if the daily closes below 17.6K.
On this 3-day chart, we can see that this support zone has very strong buying power. Whales are absorbing that zone.
A successful break to the upside should retest the 22.5K resistance area in the coming weeks.
Bearish if the daily closes below 17.6K.
Note
Bitcoin attempting a break now.Note
Beautiful short squeeze!Note
Trend line has been broken, just as charted above on October 13th.
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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.