Idea Summary:
Bitcoin is compressing in a rising wedge on 1D/4H timeframes, approaching resistance around $ 110K–$ 112K. We’re seeing bearish divergence on RSI and MACD, declining volume, and sentiment cooling—signaling a potential breakdown.
Key Confluences:
• Rising wedge pattern (bearish reversal during uptrend) with converging trendlines and falling volume
• RSI divergence: price rising, RSI flattening/declining
• Volume behavior: weaker rallies, distribution-style setup near highs
• Sentiment neutralizing: Fear & Greed Index slipped from ~74 to ~55–60
• Macro backdrop: U.S. inflation cooling, Fed pause in rate hikes → but upcoming FOMC brings volatility risk
Conclusion:
BTC is near a wedge apex with short-term bearish structure forming. A breakdown could test $ 90K–$ 75K, whereas a break above $ 112K invalidates the setup. 📉
Trigger zones:
• Breakdown < $ 105K → triggers short
• Breakout > $ 112K → stop out & pause
💬 Thoughts? Breakdown or breakout next?
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.