$BTC The price action on BITCOIN is monotonous.. Zzzz
I have been watching this broadening descending wedge on the daily timeframe.
BTC is struggling at this trend resistance and looks weaker in comparison to the S&P 500 ( 
SPY 
SPX ) a daily candle close above would be ideal for further bullish price action.
I believe the probability of it touching the lower trend of the wedge is getting higher as we lose momentum. A bounce from the lower trend is possible for upside continuation BUT if the body of the candle closes below the trend-line of the descending wedge, that would invalidate the bullish structure and could possibly go lower printing another lower low on Bitcoin chart before year end.
There is also a high possibility of a double bottom as the rsi levels are nearly oversold as is.
Only time will tell..
BTC is struggling at this trend resistance and looks weaker in comparison to the S&P 500 ( SPY SPX ) a daily candle close above would be ideal for further bullish price action.I believe the probability of it touching the lower trend of the wedge is getting higher as we lose momentum. A bounce from the lower trend is possible for upside continuation BUT if the body of the candle closes below the trend-line of the descending wedge, that would invalidate the bullish structure and could possibly go lower printing another lower low on Bitcoin chart before year end.
There is also a high possibility of a double bottom as the rsi levels are nearly oversold as is.
Only time will tell..
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.