Hello there! Here we can clearly see that bitcoin is putting in a 455 days rising wedge.
It means that every rally is getting smaller, every consolidation is taking less time, meaning bulls have less and less ammo to push the price higher - a sign of exhaustion. Price is becoming compressed and an asset is looking for a resolution (a pattern is breaking up or down).
Also we can clearly see a declining volume of this rising wedge, meaning that that there is less and less interest as the price goes higher. The trend was very aggressive, but bulls could not maintain the velocity of the trend.
And now we have a trendline which is breaking down and the volume is increasing confirming the pattern breakdown. It is like the price was trapped in that rising tide, but because of the lack of momentum, volume the trend could not be sustained anymore leading to this breakdown. At first we lost 50 day Moving average, then 200 day MA, all with very little volume, now we are about to lose 50 week MA, which supported this whole bull market.
Protect your capital.
Stay safe everyone and have a great day!
It means that every rally is getting smaller, every consolidation is taking less time, meaning bulls have less and less ammo to push the price higher - a sign of exhaustion. Price is becoming compressed and an asset is looking for a resolution (a pattern is breaking up or down).
Also we can clearly see a declining volume of this rising wedge, meaning that that there is less and less interest as the price goes higher. The trend was very aggressive, but bulls could not maintain the velocity of the trend.
And now we have a trendline which is breaking down and the volume is increasing confirming the pattern breakdown. It is like the price was trapped in that rising tide, but because of the lack of momentum, volume the trend could not be sustained anymore leading to this breakdown. At first we lost 50 day Moving average, then 200 day MA, all with very little volume, now we are about to lose 50 week MA, which supported this whole bull market.
Protect your capital.
Stay safe everyone and have a great day!
Trade ativo
Bitcoin is 97k now, went to 98k, Now I expect it to go to 50k.It Closed an Overbought Daily RSI, I expect a sharp downturn. Plus it did a false range breakout recently and got rejected by 100k.
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.