Rising Wedge/Bearish Divergence and a Potential channel 4h
Updated
We are still in the rising wedge and we formed a lower Highs on the RSI while having Higher highs candles which is a bearish scenario
If we break out of the channel then we could see a continuation of BTC going sideways unless we break 23.5k
points to watch out for:
breaking out from the bearish divergence
breaking under 24.2k with a candle close
Green lines are the support lines
HIgher Edge of the horizontal channel is the main breakout point
I believe that BTC and crypto market in general having a bullish momentum after CPI report and having fear greed scale back to neutral.
We have a strong chance of breaking out to the upside, But be cautious while we are still on a bear trend and the volatility to the downside
is much higher.
If we break out of the channel then we could see a continuation of BTC going sideways unless we break 23.5k
points to watch out for:
breaking out from the bearish divergence
breaking under 24.2k with a candle close
Green lines are the support lines
HIgher Edge of the horizontal channel is the main breakout point
I believe that BTC and crypto market in general having a bullish momentum after CPI report and having fear greed scale back to neutral.
We have a strong chance of breaking out to the upside, But be cautious while we are still on a bear trend and the volatility to the downside
is much higher.
Comment
the RSI text should be Bearish Divergence*Comment
As we broke from the rising wedge we continued the downfall until we hit the support line around 23.8kBTC would be channeling in a horizontal channel
if we confirm a bounce, we expect to see BTC try to break 24.2k resistance again
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