BTC Possible Descending wedge on RSI & Symmetrical Triangle

2021년 3월 13일

Bitcoin has been teasing us for some time now. We are in exciting times now for Crypto & Bitcoin is attempting a retest of its ATH.

Looking at the chart I have found what I believe to be some mixed signals in terms of Bitcoin's next major move. For starters, Bitcoin is still currently sitting in the middle of the key 0.236 Fibonacci level and continuing to find support with multiple bounces of the 1 hour EMA Ribbon.

As you can see in the image at the time of publishing this post it seems that we may be forming an Symmetrical Triangle on the chart with the fluctuations of highs and lows becoming much narrower (lower highs & higher lows) indicating a potential BIG move.

If we take a look on the RSI indicator it seems we are forming a potential Descending wedge pattern which is slightly more of a bullish pattern, in conjunction with the Symmetrical triangle on the chart which is more of a neutral pattern, could this indicate a slight bias to an upward breakout of this triangle.

I believe that this sideward consolidation just below the current ATL is healthy for bitcoin which gives the RSI time to have a cool down and put Bitcoin in more of a healthy trade zone with much more upside potential without being overbought!

SUPPORT

The 0.236 Fibonacci level is a key level for Bitcoin to hold as well as staying above the EMA Ribbon which is currently acting as support. (Fibonacci level is currently at approximately $54,848. If we break this key support we could be looking at a short term bearish scenario with a target down to the next Fib level of 0.382 ($52,583 approx)

RESISTANCE

The current ATH is Bitcoins biggest test. If I see a daily candle close above the current ATH approx $58,400 then i believe Bitcoin could easily snap to 60k in the coming days and even higher potentially testing the Fibonacci extension level at approx $67,000 in the coming weeks.

I am looking to place a long position the next big breakout move for Bitcoin and I believe if we break bullish out of the Symmetrical Triangle and can confirm a breakout above the current ATH then a $67,000 BITCOIN is in my sights!!

If you have any thoughts on this leave a comment or hit me up!!