BTC - Rising wedge
Price action is forming a rising wedge, the stochastic RSI has bottomed and is turning over, the RSI is still at a high level which tells us the price action has room to rise, and the momentum is strong.
MACD can be ignored on this move because it's such a slow indicator that it won't help catch any moves here other than being able to confirm a broken uptrend.
Volume has been rising for 3 days straight. If the price action breaks to the upside, we could melt up to ~16,300.
Failure to break-out here could cause a sell off down to 14,000, which would mean the pattern is still valid.
If price breaks above, expect 16.3. If this resistance test, watch 14k as a critical support level.
MACD can be ignored on this move because it's such a slow indicator that it won't help catch any moves here other than being able to confirm a broken uptrend.
Volume has been rising for 3 days straight. If the price action breaks to the upside, we could melt up to ~16,300.
Failure to break-out here could cause a sell off down to 14,000, which would mean the pattern is still valid.
If price breaks above, expect 16.3. If this resistance test, watch 14k as a critical support level.
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