a confluence of bearishness on the weekly + macroeconomic

reading the weekly bitcoin chart

the wedge with a flat bottom rising top is just knocking on that bottom waiting to drop

it did drop below the wedge support, catching on 2017 top

rejected from the support turned resistance of that broadening wedge

hitting the resistance of trendline following this movement down

next fed meeting in 2 weeks.. could consolidate for another couple weeks before breaking down...

lots of bearish signals flashing everywhere.. but haven't seen this pattern mentioned here, yet

Yorum:

Comment: plus, look at that little lift at the end there, a small rising channel.. big moves up are usually coming after gradual downtrend, big moves down usually coming after gradual uptrend