Bullish BTC breakout
Hi all
The 10 month long downtrend has led to a very bearish marked sentiment. However, I have noticed some important signals pointing to an incoming turn of the marked.
First, BTCUSD has not broken the previous low from June 28th. On Aug 14th BTC printed a higher low. If BTC stays above 5880, a new higher low is made. This is then a clear and unambiguous uptrend.
Second, BTCUSD has over the last week formed a descending broadening wedge suggesting the next move is bullish breakout. Potentially this breakout is sooner rather than later as price now moves within a triangle.
Third, supporting a bullish breakout of the descending broadening wedge are bullish divergences on RSI and stochastic RSI.
BTCUSD is setup for a bullish break if it breaks the upper resistance line of the broadening wedge. This can potentially initiate a cascade by triggering a near ATH BTC shorts covering. A break of the lower broadening wedge line will invalidate the idea.
The 10 month long downtrend has led to a very bearish marked sentiment. However, I have noticed some important signals pointing to an incoming turn of the marked.
First, BTCUSD has not broken the previous low from June 28th. On Aug 14th BTC printed a higher low. If BTC stays above 5880, a new higher low is made. This is then a clear and unambiguous uptrend.
Second, BTCUSD has over the last week formed a descending broadening wedge suggesting the next move is bullish breakout. Potentially this breakout is sooner rather than later as price now moves within a triangle.
Third, supporting a bullish breakout of the descending broadening wedge are bullish divergences on RSI and stochastic RSI.
BTCUSD is setup for a bullish break if it breaks the upper resistance line of the broadening wedge. This can potentially initiate a cascade by triggering a near ATH BTC shorts covering. A break of the lower broadening wedge line will invalidate the idea.
Note
Idea went exactly as expected!
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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.