BTC USD has slowed its rally to new ATH and is consolidating nicely in the 11,000 area.
Indicators show multiple divergences with bearish bias. Also a rising wedge pattern with bearish inversion tendencies has developed.
We are now sitting at the bottom of the trendline forming the wedge and showing signs of topping.
Bullish scenario
Fundamentals, however, show a different story, with CME, Cboe and Nasdaq starting futures trading in the following weeks.
This has the potential to keep pushing the price to new ATH with a projection to 12,700 as per my previous analysis.
Bearish scenario
Looking just at the technicals we have major probabilities to see a dowward correction of around 30% where we find strong support at previous levels of 8350 dollars
Since the start of the wedge formation:
- PPO is showing bearish divergence
- Stoch RSI is showing an oversold condition leading us a to a slight push upwards before a wedge breakout
- RSI has a bearish divergence
- CCI showing a bearish divergence and bounce from the upper channel downwards
- MACD has a quite clear double top bearish divergence
Targets are as follows:
TP1 at 9,500 dollars around -18%
TP2 at 8,350 dollars around -27%
Stops can be placed just over ATH just beyond 12,000 (according to your risk management and appetite) as it invalidates the pattern and a continuation to 12,700 will be likely.
Trade safe.
Indicators show multiple divergences with bearish bias. Also a rising wedge pattern with bearish inversion tendencies has developed.
We are now sitting at the bottom of the trendline forming the wedge and showing signs of topping.
Bullish scenario
Fundamentals, however, show a different story, with CME, Cboe and Nasdaq starting futures trading in the following weeks.
This has the potential to keep pushing the price to new ATH with a projection to 12,700 as per my previous analysis.
Bearish scenario
Looking just at the technicals we have major probabilities to see a dowward correction of around 30% where we find strong support at previous levels of 8350 dollars
Since the start of the wedge formation:
- PPO is showing bearish divergence
- Stoch RSI is showing an oversold condition leading us a to a slight push upwards before a wedge breakout
- RSI has a bearish divergence
- CCI showing a bearish divergence and bounce from the upper channel downwards
- MACD has a quite clear double top bearish divergence
Targets are as follows:
TP1 at 9,500 dollars around -18%
TP2 at 8,350 dollars around -27%
Stops can be placed just over ATH just beyond 12,000 (according to your risk management and appetite) as it invalidates the pattern and a continuation to 12,700 will be likely.
Trade safe.
评论:
This is the turning point. Keep a good eye on it for the direction.
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