BTC - Further Downside Looming, But Bullish Indicators Are There

Looking at the 4-hour chart for Bitcoin, we can see the price action has trapped inside a bullish falling wedge. However, we have had 3 previous bear flags that all broke to the downside. In addition, the most recent bear flag has a similar fractal to our current price action hinting that this fourth flag won't behave any different. If we do break to the downside, look for the price to find support at the blue trend. If we break this support level, watch out! We could be in for new lows. On the flip side if we do find support at the blue trend, the MACD is demonstrating bullish divergence and in combination with the bullish wedge, we may get the reversal support needed to break out of the wedge to the upside.

Komentar:

Resistance everywhere. I'm skeptical of this pump as all previous pumps were eventually rejected hard.

Komentar:

Still not buying