hi traders! we are seeing how didn't managed to break that resistance which indicates bulls are weakening. To really see a big movement upwards we must see how bulls break that resistance and starts consolidating that movement.
Meanwhile, we are seeing some bearish signs which indicate that the price is set to retrace if bulls don't manage the situation:
- Bearish divergence found on the RSI, which is very visible below the 2 hour chart.
- Descending volume, which indicates the lack of momentum of the bulls.
- Rising wedge, which is the most bearish sign of all 3 and indicates reversal. we can confirm this pattern as the volume has been descending since the price has been rising and the wedge evolving.
if you are going to take action on this trade, you should look at the volume when the price breaks the wedge downwards to make sure the trade.
happy trading guys!
BTCUSD
Meanwhile, we are seeing some bearish signs which indicate that the price is set to retrace if bulls don't manage the situation:
- Bearish divergence found on the RSI, which is very visible below the 2 hour chart.
- Descending volume, which indicates the lack of momentum of the bulls.
- Rising wedge, which is the most bearish sign of all 3 and indicates reversal. we can confirm this pattern as the volume has been descending since the price has been rising and the wedge evolving.
if you are going to take action on this trade, you should look at the volume when the price breaks the wedge downwards to make sure the trade.
happy trading guys!
BTCUSD