The current situation:
1. Price action has been in this falling wedge since reaching the previous high and it has not gotten on top of the 1HR 50 moving average since. The 1HR 21 moving average is flattening out, which looks like signal for a reversal. In the area of the possible breakout, it an ascending triangle does seem to be forming, which is a bullish pattern. However, I would look for price action to close on top of the 1HR 50 moving average before being convinced there is a reversal.
Nevertheless, the market is looking quite bearish so even if this reverses, I would still be careful especially if there is a move downwards in BTC.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action has been in this falling wedge since reaching the previous high and it has not gotten on top of the 1HR 50 moving average since. The 1HR 21 moving average is flattening out, which looks like signal for a reversal. In the area of the possible breakout, it an ascending triangle does seem to be forming, which is a bullish pattern. However, I would look for price action to close on top of the 1HR 50 moving average before being convinced there is a reversal.
Nevertheless, the market is looking quite bearish so even if this reverses, I would still be careful especially if there is a move downwards in BTC.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.