I had anticipated a broadening descending wedge formation playing out, until aggressive buyers breached this trend-line much earlier than expected. However, the price has and continues to be rejected at the completed cup rim, which is very common in this formation.
Dropping volumes, a red hot daily RSI along with other technical’s still lead me to believe that the handle has not played out fully yet. I anticipate a slight down trend leading to the forming of the handle on the 4hr+ time frames, where I will look to make some entries around the $0.66 - $0.70. These entries will be appetisers, as until the breakout confirmation; by way of a decisive breach and daily close above the upper resistance trend-line happens, I will remain unconvinced about the $1 breach just yet.
The drop to my target price area in the descending channel will also gain further price traction for a stronger push and close over the $1.
BTC price action should also be referenced for market conditions and volatility.
This is crypto and we are in a bullish cycle, so anything can happen, but key fundamentals and technical’s should be observed before selling your family and going all in.
Let me know your thoughts and drop some feedback.
Dropping volumes, a red hot daily RSI along with other technical’s still lead me to believe that the handle has not played out fully yet. I anticipate a slight down trend leading to the forming of the handle on the 4hr+ time frames, where I will look to make some entries around the $0.66 - $0.70. These entries will be appetisers, as until the breakout confirmation; by way of a decisive breach and daily close above the upper resistance trend-line happens, I will remain unconvinced about the $1 breach just yet.
The drop to my target price area in the descending channel will also gain further price traction for a stronger push and close over the $1.
BTC price action should also be referenced for market conditions and volatility.
This is crypto and we are in a bullish cycle, so anything can happen, but key fundamentals and technical’s should be observed before selling your family and going all in.
Let me know your thoughts and drop some feedback.