Bitcoin / USD: upside-or downside breakout (4 hour chart)
Triangle (orange lines)
We see a triangle, which is a continuation pattern.
--> expectation: upside breakout
Rising wedge(blue lines)
However, we could also see a rising wedge, which is a reversal pattern
--> expecation: downside breakout
Bearish divergence between price and RSI (red lines)
We notice bearish divergence between the price and the RSI: price action is not confirmed by momentum (indicated by the RSI)
In general, this would mean a correction
So signals are mixed... time will tell
PS (personal opinion)
Personally, I would never short bitcoin, or crypto in general, as to my opinion the crypto-market is in a bull market: there is an upside bias on the long term so why would I take a short position.
I don't want to say that I wouldn't take a short position on a 15-min chart, as the upside bias doesn't apply to that timeframe.
But on a 4 hour, daily and weekly timeframe I wouldn't short
We see a triangle, which is a continuation pattern.
--> expectation: upside breakout
Rising wedge(blue lines)
However, we could also see a rising wedge, which is a reversal pattern
--> expecation: downside breakout
Bearish divergence between price and RSI (red lines)
We notice bearish divergence between the price and the RSI: price action is not confirmed by momentum (indicated by the RSI)
In general, this would mean a correction
So signals are mixed... time will tell
PS (personal opinion)
Personally, I would never short bitcoin, or crypto in general, as to my opinion the crypto-market is in a bull market: there is an upside bias on the long term so why would I take a short position.
I don't want to say that I wouldn't take a short position on a 15-min chart, as the upside bias doesn't apply to that timeframe.
But on a 4 hour, daily and weekly timeframe I wouldn't short
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