/biz/ - Business & Finance

>>19421458
>>19383022
The image was from a few days ago before the pump that took us to 9500+ today.
I'm looking for a major trend reversal within the next few days.
- 12h RSI trendline broken
- 1d RSI trendline broken

Those are the prerequisites for a trend reversal. It could pull back, but it would just setup a massive bounce, and we're right next to major resistance. It's the kind of power we need to break it.

If we pull back, and it doesn't go under 9000, it's go time. I don't know where we'll pull back to though. It could be shallower than that too.

For the traders out there, this is how I see the current state of the bitcoin market.
- We're currently in a gigantic multiyear descending broadening wedge.
- 12h bearish divergence got two tries to dump bitcoin.
- On the second try, it couldn't dump it lower.
- This higher low created hidden bullish divergence on the 12h chart.
- The RSI trendline on 12h has not been broken yet, but when it does, significant bullish action can start.
- If that happens while we're close to the upper trendline resistance, we can break out of the wedge to the upside.
- On 2h and 4h, similar descending trendlines on RSI have already been broken.

https://excellenceassured.com/trading/trade-chart-patterns/broadening-patterns-wedges

What do you think? Can bitcoin finally break this resistance?