Bitcoin in falling wedge and reacting to SMA-26
The price is following a clear falling wedge and has recently bounced back from the bottom support of the channel. For the past few days, it has been bouncing off of the SMA line which is even more clear when you replay the chart.
Price will likely rise to hit the SMA, retrace a little bit, then continue to rise to the top of the channel. When this happens, RSI will show overbought conditions, go back down to around 50, then continue again to overbought conditions.
MACD is showing a strong uptrend.
My price target will first be around $10000 with a stop-loss at $9000. After that, I may or may not short the retracement that will likely follow. Finally, I will enter long and go to the top of the channel.
Price will likely rise to hit the SMA, retrace a little bit, then continue to rise to the top of the channel. When this happens, RSI will show overbought conditions, go back down to around 50, then continue again to overbought conditions.
MACD is showing a strong uptrend.
My price target will first be around $10000 with a stop-loss at $9000. After that, I may or may not short the retracement that will likely follow. Finally, I will enter long and go to the top of the channel.