The price is showing Bearish Regular Divergence. Both MACD & RSI are supporting this by doing lower highs. This is a strong signal. This does not mean I'm bearish on bitcoin, in longer term I'm very bullish. So the question is where will it land before going up again? First, it's important to test our current trend line and seek reversal signals. Although can be weak and needs to be tested properly before buying in. Second and very strong one can be found near to MA100 line which will be in between of fibonacci levels 0.5 and 0.382. These two combined together (fibonacci & MA100) support have given strong reversals / buy signals in the past. Also these will be close to 13,000 support level.
In other scenario there is a slight chance and it's nothing new that the price ignores this signal and does the opposite. Confirmation for further upward movement the price needs to break 17,300 level which is current resistance level. This will give potential targets of 18,717 and 19,385 levels.
Things to remember:
To trade safely I recommend using stop-loss function in case something goes wrong.
It's better to wait than to regret. This is important when you are doing long term investments! Knowledge behind of your trades gives you success, more often!
Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
You are responsible for your trades and it's important to do your own research before investing!
Any questions about this trade or need help with trading? Please, feel free to leave your questions and feedback in to the comments section. Yarr!
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The price broke downtrend line and it's giving first signal of price reversal. Read previous text for entry level and targets.
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Rising wedge is forming. It does not mean the price cannot break through the upper line and make new highs. It's necessary to get confirmations of pattern's validation by looking at the following things: -> Bearish candles and / or reversals near top line. -> Volume declining. -> The support line is broken. -> Further confirmation gives oscillators that can show bearish divergences for example. These conditions needs to be met before doing any decisions based on the pattern.
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Rising wedge broke upwards. This is seems to be a new trend with bitcoin.
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New TA is out!
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Both targets reached. :)
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Price is reversing from one of the reversal points
Of course, BTC repeat soaring and rapid fall.
I think the price increase of BTC is still valid. :)