Bitcoin | Rising Wedge & Bearish Divergence..!!

#BTC #BTCUSD (Update)


Bitcoin Has been forming Rising/Ascending Wedge Pattern in Daily Timeframe.

Bitcoin Trading Volume has been Decreasing Since 12th March Crash.

3 Days ago, RSI Indicator Printed Bearish Divergence as well (That's the First Major Reversal Sign)



On 13th July, Bitcoin Hash Ribbon Indicator Printed "BUY SIGNAL" & After that BITCOIN Price Increased Almost 38% in 34 Days.



On 27th July, Bitcoin Bulls Cleared the Major Resistance (10.4k) & Now It's turned As Strong Support.



FYI, There is a Unfilled CME gap as Well in 9645-9925 Range & Fear & Greed index at 78 (Extreme Greed)



At the Moment, Bitcoin Looking Bearish & Might test the Trendline of Wedge (11k), If Bulls lost the Trendline Support (11k), Bitcoin Might test the Major Horizontal Support (10.4k).

In Bullish Case, Bitcoin Might Form Another Higher high in Coming Days & test the 12.8k Area.


Outline : Rising Wedge is a Bearish Pattern & Bitcoin Might test the Major Support 10.4k if Wedge Broken Downside. (If Bulls lost the 10.4k Support, there will be Possibility that CME Unfilled Gaps got filled)



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