BTCUSDT 1W,
as you can see we have formed a downtrend on the RSI starting from January 2021st, bitcoin went to hit a new all time high at the price of 70k but the oscillator still formed a bearish divergence and failed to break the downtrend, recently we could see that the picture has started flipping around the resistance of the oscillator downtrend, candlesticks are forming lower low, RSI is showing higher highs, we could see a bullish divergence, we are currently retesting the resistance of the trend, we will either see a pullback down and another bullish divergence before we break above, or we simply go up from here.
We could notice that on the lower timeframe and starting from June 2022 the candlesticks has started forming a falling wedge bullish chart pattern. I smell reversal soon, we are most likely going to bottom around the price of 12 - 13k. Stay tuned for more information!
as you can see we have formed a downtrend on the RSI starting from January 2021st, bitcoin went to hit a new all time high at the price of 70k but the oscillator still formed a bearish divergence and failed to break the downtrend, recently we could see that the picture has started flipping around the resistance of the oscillator downtrend, candlesticks are forming lower low, RSI is showing higher highs, we could see a bullish divergence, we are currently retesting the resistance of the trend, we will either see a pullback down and another bullish divergence before we break above, or we simply go up from here.
We could notice that on the lower timeframe and starting from June 2022 the candlesticks has started forming a falling wedge bullish chart pattern. I smell reversal soon, we are most likely going to bottom around the price of 12 - 13k. Stay tuned for more information!