#Bitcoin descending wedge series#
#Bitcoin descending wedge free#

#Bitcoin descending wedge free#

Ready to trade our free Forex signals? Here are the best Forex brokers to choose from. On the other hand, a recovery could push it above the psychological point at 24,000. A drop below the lower side of the channel will signal that bears have prevailed and push it to the next psychological point at 20,000. Therefore, in the immediate short-term, the pair will likely continue consolidating between the regression channel at 22,735 and 23,680. At the same time, the Bitcoin Bullish Percent Index has moved to the oversold level of 20. It is consolidating between the lower and middle lines of the regression trendline. On the two-hour chart, the BTC/USD price has remained flat in the past two trading sessions. On the flip side, a volume-supported rebound above 23,530 will signal that there are still more buyers who are keen to push it above the resistance level at 24,000. If this happens, the reference point will be at the psychological level of 22,000 (January 20 low). Therefore, the four-hour chart points to more sustained bearish trend in the coming days. The BTC/USD price has moved slightly above the 23.6% Fibonacci Retracement level. In technical analysis, a bearish divergence usually sends a warning that an asset’s price will continue falling. At the same time, as shown below, the Relative Strength Index (RSI), which measures the speed of change of an asset, has formed a bearish divergence pattern. Meanwhile, trend indicators like moving averages and Bollinger Bands have been moving horizontally, showing that the coin has had mild volatility. This bearish breakout has already happened although volume has been in a downward trend. In price action analysis, this pattern usually leads to a bearish breakout when the wedge nears its confluence level. This pattern is clearly identified by joining the highest peaks since January 23rd and the lowest points since January 13. Bitcoin price 4H analysisīitcoin has been forming an alarming rising wedge pattern on the 4H chart. The BTC/USD pair was trading at 23,131, a few points below the year-to-date high of 23,930. It hiked rates by 0.25% for the first time in six meetings and pushed the rate at between 4.50% and 4.75%. In its first meeting of the month, the Fed’s decision was in line with what most analysts were expecting. Add a buy-stop at 23,500 and a take-profit at 25,000.īitcoin price was a bit flat on Thursday morning as the market pondered the latest action by the Federal Reserve.Sell the BTC/USD pair and set a take-profit at 22,000.“BTC’s outlook in the mid-to-long-term is bullish” Source: Rekt Capital/TwitterīTC is worth $27,627 at time of writing, down 0.6% in the last 24 hours.

The analyst says Bitcoin is now in a bullish trend, at least for the medium to long term. Zooming out, Rekt says that in the last several months, BTC has crossed above a long-term downward resistance that formed in late 2021.

“Now that’s a really good BTC Weekly CloseīTC lost ~$27,600 as support two weeks ago and now has positioned itself for a retest/reclaim of this same levelĭip into black would be healthy and successful retest there could position BTC for a revisit of ~$28,800″ Source: Rekt Capital/Twitter Rekt Capital also says that BTC had a “great” weekly close, with its candle closing just above the $27,000 level.

When the price breaks out of the upper trend line of the wedge, it’s traditionally considered bullish. As the pattern progresses, the distance between the highs and lows decreases, which indicates that the selling pressure is weakening.

#Bitcoin descending wedge series#

The pattern is characterized by a series of lower highs and lower lows that form a wedge-shaped pattern on the chart. Successful retest would confirm the Falling Wedge breakout.” Source: Rekt Capital/TwitterĪ falling wedge breakout is a technical analysis pattern that is used to identify potential bullish reversals in an asset’s price. “BTC has Weekly Closed right at the Falling Wedge resistance or just above itĮither way, BTC may be set for a dip to retest the top of this Falling Wedge as support Further contextualizing their claim, Rekt provides a chart detailing BTC breaking out of a falling wedge pattern and then retesting the upper boundary of the wedge to confirm the pattern.