đâżTC: Previous Demand Zone is now Supply zone.
Hello Dear Traders,
in last post of btc i discussed about bearish divergence in daily timeframe, divergence worked very nice and btc had quite good sell off from 49800$.
on 4hr BTC is trading in rising wedge pattern:
lower and upper trendline is working as supply and demand zones, rising wedge pattern is bearish pattern, most of the time rising wedge pattern breaks downside.
bt as daily we are seeing strong fundamental news regarding btc. chart patterns may not work in FOMO market.
Also in chart we can see tht after testing 49800$, we seen sharp sell off.
48600$-48800$ was demand zone before dump, now this demand zone is converted into new supply zone.
if btc 4hr candle closes below this fresh supply zone then we might see btc again testing 47000$.
in last post of btc i discussed about bearish divergence in daily timeframe, divergence worked very nice and btc had quite good sell off from 49800$.
on 4hr BTC is trading in rising wedge pattern:
lower and upper trendline is working as supply and demand zones, rising wedge pattern is bearish pattern, most of the time rising wedge pattern breaks downside.
bt as daily we are seeing strong fundamental news regarding btc. chart patterns may not work in FOMO market.
Also in chart we can see tht after testing 49800$, we seen sharp sell off.
48600$-48800$ was demand zone before dump, now this demand zone is converted into new supply zone.
if btc 4hr candle closes below this fresh supply zone then we might see btc again testing 47000$.
and perfectly bounced with heavy volume and tested iconic mark of 50k.