Bitcoin rising wedge --> Bitcoin towards $3,400?
Zoomed in view on Bitcoin at this point after I’ve posted the bigger perspective already. Don’t worry. I’m long term very bullish on Bitcoin, however I’m expecting one more big dropdown before we can continue the upwards movements.
Now the zoomed in perspective.
What do we see?
- Rising wedge structure here with weak volume in the upwards movements after we’ve had a hard rejection three weeks ago.
- This is quite identical to the patterns we’ve had earlier on, where we also bounced at the 0.236 fib level after a hard rejection.
- Bearish divergences from the 2h timeframes till the 6h timeframes. On the 12h also on the MACD histogram.
- Downtrendline coming in, which normally would act as resistance + 20MA on the weekly generally actin as resistance.
- Ethereum longs at the max. They are an indication that the market could dropdown significantly if the longs have a chain reaction due to stops being hit or liquidations.
- Two downwards gaps on the CME futures indicating that we might move downwards to close these gaps. Not 100% accurate, but an indication.
Volatility is on the rock bottom at this point since the dropdown in November. Overall I’m still expecting that we’re be moving downwards.
The gaps are around $3900 and $3,600. I’m expecting a downwards move to the trendline, which is $3,600, however I won’t be surprised if we break down towards $3,400 and flip $3,600 as resistance.
Now the zoomed in perspective.
What do we see?
- Rising wedge structure here with weak volume in the upwards movements after we’ve had a hard rejection three weeks ago.
- This is quite identical to the patterns we’ve had earlier on, where we also bounced at the 0.236 fib level after a hard rejection.
- Bearish divergences from the 2h timeframes till the 6h timeframes. On the 12h also on the MACD histogram.
- Downtrendline coming in, which normally would act as resistance + 20MA on the weekly generally actin as resistance.
- Ethereum longs at the max. They are an indication that the market could dropdown significantly if the longs have a chain reaction due to stops being hit or liquidations.
- Two downwards gaps on the CME futures indicating that we might move downwards to close these gaps. Not 100% accurate, but an indication.
Volatility is on the rock bottom at this point since the dropdown in November. Overall I’m still expecting that we’re be moving downwards.
The gaps are around $3900 and $3,600. I’m expecting a downwards move to the trendline, which is $3,600, however I won’t be surprised if we break down towards $3,400 and flip $3,600 as resistance.