Bearish Rising Wedge Should not be Ignored
The Market still isnt ready to bounce right back to normal before COVID-19 and it probally won't do so for a while, (or atleast another leg down). what is happening in the market right now is simply a correction to the aggressive Crash on March 12th.
This correction is in a form of a Bearish Rising wedge , this pattern has been very successful to bitcoin on the Daily Chart and when you Zoom in on the 4H chart it becomes even more evident we are squeezing within the tight range of this pattern and ready to POP, The Upside is very limited at most This rising wedge will allow for Btc to hit 7400 then a huge crash back to 4k region is imminent.
The Confluence, to support this is the bearish Death Cross , RSI + MACD Divergence and Fiboncacci .768 showing huge rejections.
This correction is in a form of a Bearish Rising wedge , this pattern has been very successful to bitcoin on the Daily Chart and when you Zoom in on the 4H chart it becomes even more evident we are squeezing within the tight range of this pattern and ready to POP, The Upside is very limited at most This rising wedge will allow for Btc to hit 7400 then a huge crash back to 4k region is imminent.
The Confluence, to support this is the bearish Death Cross , RSI + MACD Divergence and Fiboncacci .768 showing huge rejections.
Note
We have The first official Breakout from the Bottom Resistance of the Rising wedge.This is only the beginning the real move is about to start now
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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.