BTC - In a Falling Wedge Pattern
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BTC - Quick daily chart update:
BTC is below its Ichimoku Cloud Conversion Line (Tenkan Sen). BTC needs to close a daily candle back above this level.
BTC is below its Ichimoku Cloud Base Line (Kijun Sen). BTC needs to close a daily candle back above this level.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is downwards and the indicator is below the price from 30 periods ago.
BTC is below its 50EMA. BTC needs to close a daily candle back above this level.
At the moment of typing this, BTC is below its 38.2% Fibonacci Retracement Level. BTC needs to close a daily candle back above this level.
BTC is however, still in the Bullish Zone of the Ichimoku Cloud.
A key level of support on the daily chart that BTC needs to stay above is the Ichimoku Cloud Leading Span A (Senkou Span A) level.
The Chaikin Money Flow (CMF) is indicating accumulation has dropped but the CMF (Green Line) is still in the Accumulation Zone at 0.09.
The Moving Average Convergence Divergence (MACD) is still negative with the MACD Line (Blue Line) still below its MACD Base Line at 0.0. We need the MACD Line to cross back above the Signal Line (Red Line).
BTC is in a potential Falling Wedge Pattern on the daily chart, a Falling Wedge Pattern is a continuation pattern, in this senses, a bullish continuation pattern, so BTC may see more of a drop before continuing upwards.
I hope this is helpful with your Trading and Hodl-ing 🙏.
Also, anyone else find it funny that BTC decided to take a massive dump the moment ADA started its Africa Conference?? Coincidence??? I think not.
BTC is below its Ichimoku Cloud Conversion Line (Tenkan Sen). BTC needs to close a daily candle back above this level.
BTC is below its Ichimoku Cloud Base Line (Kijun Sen). BTC needs to close a daily candle back above this level.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is downwards and the indicator is below the price from 30 periods ago.
BTC is below its 50EMA. BTC needs to close a daily candle back above this level.
At the moment of typing this, BTC is below its 38.2% Fibonacci Retracement Level. BTC needs to close a daily candle back above this level.
BTC is however, still in the Bullish Zone of the Ichimoku Cloud.
A key level of support on the daily chart that BTC needs to stay above is the Ichimoku Cloud Leading Span A (Senkou Span A) level.
The Chaikin Money Flow (CMF) is indicating accumulation has dropped but the CMF (Green Line) is still in the Accumulation Zone at 0.09.
The Moving Average Convergence Divergence (MACD) is still negative with the MACD Line (Blue Line) still below its MACD Base Line at 0.0. We need the MACD Line to cross back above the Signal Line (Red Line).
BTC is in a potential Falling Wedge Pattern on the daily chart, a Falling Wedge Pattern is a continuation pattern, in this senses, a bullish continuation pattern, so BTC may see more of a drop before continuing upwards.
I hope this is helpful with your Trading and Hodl-ing 🙏.
Also, anyone else find it funny that BTC decided to take a massive dump the moment ADA started its Africa Conference?? Coincidence??? I think not.
Note
Update:Looks like i was wayyyyy too quick to call that a Falling Wedge Pattern.
It will be a very good sign if BTC closes this daily candle above its Ichimoku Cloud Conversion Line (Tenkan Sen), Base Line (Kijun Sen), 50EMA & the 50% Fibonacci Retracement Level.
Also Looks like the MACD Line (Blue Line) may cross back over its Signal Line (Red Line).
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