Hello traders .
let's start with the weekly chart :
as you can see in the chart above , BTC price hit exactly 0.382 fib retracement level in the weekly time frame ; it's very important level for BTC to breaks above.
but let's talking about daily : you can clearly see price move into the upside but still we haven't seen any considerably volume its also a bearish sign for BTC price , because when price rise without huge volume and also running into the important resistance level , there is very likely to reject very fast from that level ;
also you can see BTC price currently breaks above the ema ribbon and far from ribbon , so its likely to comes back and retest it as a new support.
but for finding a pattern we must to looks at 4H time frame:
ok this is very interesting thing ! ; in the 4H you can see price trying to forming rising wedge which is a bearish one and also we have a very clear bearish divergence between RSI and the price , volume is also very low , so there is a high chance to breaking below the rising wedge and testing 4H structure ( yellow box)
let's start with the weekly chart :
as you can see in the chart above , BTC price hit exactly 0.382 fib retracement level in the weekly time frame ; it's very important level for BTC to breaks above.
but let's talking about daily : you can clearly see price move into the upside but still we haven't seen any considerably volume its also a bearish sign for BTC price , because when price rise without huge volume and also running into the important resistance level , there is very likely to reject very fast from that level ;
also you can see BTC price currently breaks above the ema ribbon and far from ribbon , so its likely to comes back and retest it as a new support.
but for finding a pattern we must to looks at 4H time frame:
ok this is very interesting thing ! ; in the 4H you can see price trying to forming rising wedge which is a bearish one and also we have a very clear bearish divergence between RSI and the price , volume is also very low , so there is a high chance to breaking below the rising wedge and testing 4H structure ( yellow box)
