Hey guys,
Bitcoin is currently ranging in a broadening wedge formation on the daily timeframe.
As we all know, this kind of broadening wedge is a significant trend reversal pattern (I also put a broadening wedge cheatsheet below this post).
It shows us we might have bottomed out and Bitcoin prepares its next move towards the upside.
Also, the Daily EMA Ribbons are beginning to flip bullish again. The last time we saw such a bullish flip was back in March 2020.
Usually heavy price movements are following a flip of the EMA Ribbons (to the upside as well as to the downside as in the May 2021 dump).
The RSI and volume cooled down so Bitcoin is getting ready for a new volatile move.
In conclusion, all these indications could lead to a breakout soon.
My first targets are around 52k and 59.5k. We should face some resistance on our way back up at ~44.5k and 48k.
Have a nice day. Stay safe!
Broadening Wedge Cheatsheet: (s/o to VincePrince)
Bitcoin is currently ranging in a broadening wedge formation on the daily timeframe.
As we all know, this kind of broadening wedge is a significant trend reversal pattern (I also put a broadening wedge cheatsheet below this post).
It shows us we might have bottomed out and Bitcoin prepares its next move towards the upside.
Also, the Daily EMA Ribbons are beginning to flip bullish again. The last time we saw such a bullish flip was back in March 2020.
Usually heavy price movements are following a flip of the EMA Ribbons (to the upside as well as to the downside as in the May 2021 dump).
The RSI and volume cooled down so Bitcoin is getting ready for a new volatile move.
In conclusion, all these indications could lead to a breakout soon.
My first targets are around 52k and 59.5k. We should face some resistance on our way back up at ~44.5k and 48k.
Have a nice day. Stay safe!
Broadening Wedge Cheatsheet: (s/o to VincePrince)
