A Symmetrical Wedge has fully formed on the current downtrend. This is an indicator of a continuation of the current trend.
MACD - Notice how even though the price is rising, the 3 peaks on the MACD are actually descending.
I have been studying the MACD patterns specific to Bitcoin, and have noticed this trend to be followed by a drop in price.
This could be a short term drop in price, however given that this wedge pattern has formed over a long period makes it seem as though it will be a significant drop.
Stay cautious out there!
MACD - Notice how even though the price is rising, the 3 peaks on the MACD are actually descending.
I have been studying the MACD patterns specific to Bitcoin, and have noticed this trend to be followed by a drop in price.
This could be a short term drop in price, however given that this wedge pattern has formed over a long period makes it seem as though it will be a significant drop.
Stay cautious out there!