BTC Falling Wedge Pattern| CME GAP Filled|Buyers Looking Strong!
Hello Traders!
Update on Bitcoin's recent developments in this falling wedge pattern, The CME future gap finally filled, with a large wick (check linked chart), this was not displayed on the spot charts which is weird, but I am under the assumption that it has filled...
Price is holding up in a tight range near resistance, will we see a continuation in the bull trend from here?
Points to consider,
- Trend structurally still putting in lower highs
- Price respecting structural support
- Major resistance line currently being tested
- Stochastics is flattening out
- RSI below resistance
- EMA’s looking bullish
- Volume is declining
- VPVR decreasing in volume of transactions
Bitcoins falling wedge pattern now has multiple touch points and a fake out, which confirms the significance of the current area it’s trading in. Price is respecting structural support within the pattern, this is a very key level, and price action suggests that buyers are strong at current given time. Major resistance level is currently being tested, price is holding up at this critical level with a clear cluster of candles, again signalling that buyers are strong.
The stochastics is currently flattening out which signals that a move is imminent, there is momentum stored both ways for a bearish and or bullish break. RSI is currently trading below resistance, needs to enter green zone for a bull break, it can stay in that zone for an extended period of time as price history suggests.
The EMA’s are looking quite bullish, it needs to hold price as support, this will further give the bulls momentum to push price through Bitcoins current resistance line. Volume is visibly declining, signalling volatility is imminent, and an influx in bull or bear volume will confirm the next impulsive move.
VPVR has decreased in volume of transactions rapidly from current levels up; this suggests that a bull break will have little resistance posed by the VPVR as not much volume has been traded in the upper regions.
Overall, IMO, Price has held up and above the structural resistance which is very bullish, indicates that buyers are strong in this area. Volume is declining at a key resistance point; a break will need an influx of volume, which is imminent. A bull break will allow this pattern to come to fruition and will change the overall market structure, allowing it to put in a higher low.
What are your thoughts on Bitcoin Price Action?
Please leave a like and comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
Update on Bitcoin's recent developments in this falling wedge pattern, The CME future gap finally filled, with a large wick (check linked chart), this was not displayed on the spot charts which is weird, but I am under the assumption that it has filled...
Price is holding up in a tight range near resistance, will we see a continuation in the bull trend from here?
Points to consider,
- Trend structurally still putting in lower highs
- Price respecting structural support
- Major resistance line currently being tested
- Stochastics is flattening out
- RSI below resistance
- EMA’s looking bullish
- Volume is declining
- VPVR decreasing in volume of transactions
Bitcoins falling wedge pattern now has multiple touch points and a fake out, which confirms the significance of the current area it’s trading in. Price is respecting structural support within the pattern, this is a very key level, and price action suggests that buyers are strong at current given time. Major resistance level is currently being tested, price is holding up at this critical level with a clear cluster of candles, again signalling that buyers are strong.
The stochastics is currently flattening out which signals that a move is imminent, there is momentum stored both ways for a bearish and or bullish break. RSI is currently trading below resistance, needs to enter green zone for a bull break, it can stay in that zone for an extended period of time as price history suggests.
The EMA’s are looking quite bullish, it needs to hold price as support, this will further give the bulls momentum to push price through Bitcoins current resistance line. Volume is visibly declining, signalling volatility is imminent, and an influx in bull or bear volume will confirm the next impulsive move.
VPVR has decreased in volume of transactions rapidly from current levels up; this suggests that a bull break will have little resistance posed by the VPVR as not much volume has been traded in the upper regions.
Overall, IMO, Price has held up and above the structural resistance which is very bullish, indicates that buyers are strong in this area. Volume is declining at a key resistance point; a break will need an influx of volume, which is imminent. A bull break will allow this pattern to come to fruition and will change the overall market structure, allowing it to put in a higher low.
What are your thoughts on Bitcoin Price Action?
Please leave a like and comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
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