BTC Weekly Rising wedge update 2
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Looking at the Heiken Ashi model on the weekly printing shadows above and below is a sign of volatility while remaining in a downtrend sentiment although prices might fluctuate positively on the shorter timeframes. However, looking at the higher time frames I am suggesting that although the Trend is overly exhausted looking at the Trend exhaustion indicator, it is possible for the Trend Exhaustion to remain low for a short while. Looking at the Money flow indicator I would rather see the green money flow line below the price for a confirmed move upwards. I have also noticed a sharp decline in longs of almost 25% in one day but almost no movement of shorts increasing. We might be in for a breakdown below the rising wedge support with $4366.71 as our first support.
Note
An interesting calculation with no bearing on anything at this point is the fact that BTC has on average dropped by 19% roughly in Jan over ten years. 8/10
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