BTCUSD testing heavy resistance and forming a wedge pattern
I'm a beginner in TA so please be gentle.I'm happy about some feedback though, I really wanna learn this stuff.
So lets jump right into it.
What I think is happening right now - looking at the 4h chart - is that BTCUSD is testing to break the downward channel (red line). This downtrend goes all the way back till the all-time-high in december.
The green upwards trend line was tested and proven and could be the bottom line of a wedge pattern.
Both EMA 50 and 200 (yellow and blue line) wore broken to the upside and point towards the possible completed wedge pattern. They served already as support, too and could proceed as support.
I think this is a very interesting moment but I think we need to wait till 03-04 before the price really moves in a direction.
A similar pattern can be seen on ETHEUR (tradingview.com/chart/ETHEUR/uuWEtsNA-ETHEUR-moving-to-complete-a-wedge-beginners-opinion/) as BTC AND ETH are connected and mostly move the same.
I'm excited about your thoughts, leave a comment and tell me when I'm completely wrong. Beginner over here, but I really wanna learn.
So long.
So lets jump right into it.
What I think is happening right now - looking at the 4h chart - is that BTCUSD is testing to break the downward channel (red line). This downtrend goes all the way back till the all-time-high in december.
The green upwards trend line was tested and proven and could be the bottom line of a wedge pattern.
Both EMA 50 and 200 (yellow and blue line) wore broken to the upside and point towards the possible completed wedge pattern. They served already as support, too and could proceed as support.
I think this is a very interesting moment but I think we need to wait till 03-04 before the price really moves in a direction.
A similar pattern can be seen on ETHEUR (tradingview.com/chart/ETHEUR/uuWEtsNA-ETHEUR-moving-to-complete-a-wedge-beginners-opinion/) as BTC AND ETH are connected and mostly move the same.
I'm excited about your thoughts, leave a comment and tell me when I'm completely wrong. Beginner over here, but I really wanna learn.
So long.
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