There isn't much to say here if not the fact that if BTC will pump like it's supposed to that bearish DIV on RSI (and other indicators too) won't have much effects and probably won't play out. In Q1 many alts and BTC itself presented similar patterns + bearish DIV but bullish momentum kept the price going up resulting in just an extension of the bearish pattern.
What I mean is, if BTC keeps pumping no matter what, we'll have this rising wedge growing bigger and bigger until we have a dump eventually. If instead the wedge will break in the short period you can see the major support zones there. I actually had others but I deleted them to make the chart more clear (I had another one at 56.9K for example).
Notice the orange steep line, that is the major trendline, the worst case retracement would be hitting that one, but I'd definitely expect a bounce there. Even if I don't think we'd go there it's better to be ready for everything.
I'll be away from at least 15 days starting from tomorrow so it's possible I won't be able to post updates soon.
Good luck
What I mean is, if BTC keeps pumping no matter what, we'll have this rising wedge growing bigger and bigger until we have a dump eventually. If instead the wedge will break in the short period you can see the major support zones there. I actually had others but I deleted them to make the chart more clear (I had another one at 56.9K for example).
Notice the orange steep line, that is the major trendline, the worst case retracement would be hitting that one, but I'd definitely expect a bounce there. Even if I don't think we'd go there it's better to be ready for everything.
I'll be away from at least 15 days starting from tomorrow so it's possible I won't be able to post updates soon.
Good luck
Note
BTC broke down the rising wedge before than I expected and for now it seems that the support area (in purple) has slowed down the retracement. If price will retest the wedge without entering there'll be another dump. At 1h I see a bearish DIV though. daily:
1h:
I do TA because I like and it seems at least 70% of my calls usually turn out to be true. If you wanna support me please donate some tradingview coin or check "about me"
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I do TA because I like and it seems at least 70% of my calls usually turn out to be true. If you wanna support me please donate some tradingview coin or check "about me"
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.