$BTC The price action on BITCOIN is monotonous.. Zzzz
I have been watching this broadening descending wedge on the daily timeframe.
BTC is struggling at this trend resistance and looks weaker in comparison to the S&P 500 ( 
SPY 
SPX ) a daily candle close above would be ideal for further bullish price action.
I believe the probability of it touching the lower trend of the wedge is getting higher as we lose momentum. A bounce from the lower trend is possible for upside continuation BUT if the body of the candle closes below the trend-line of the descending wedge, that would invalidate the bullish structure and could possibly go lower printing another lower low on Bitcoin chart before year end.
There is also a high possibility of a double bottom as the rsi levels are nearly oversold as is.
Only time will tell..
BTC is struggling at this trend resistance and looks weaker in comparison to the S&P 500 ( SPY SPX ) a daily candle close above would be ideal for further bullish price action.I believe the probability of it touching the lower trend of the wedge is getting higher as we lose momentum. A bounce from the lower trend is possible for upside continuation BUT if the body of the candle closes below the trend-line of the descending wedge, that would invalidate the bullish structure and could possibly go lower printing another lower low on Bitcoin chart before year end.
There is also a high possibility of a double bottom as the rsi levels are nearly oversold as is.
Only time will tell..
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.