BITCOIN: High likelihood of movement upwards coming next
As written in my post 2 days ago , BTC is trying to hold the first crucial support around 10000 USD
The way on which BTC is trying to consolidate these range of prices may show us some hopes on an explosive uprise movement in short time, at least for the moment if you have a look on the 4-hours Chart:
It looks that BTC is consolidating the range by tracing a sort of "falling wedge", which is a bullish pattern and it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. It is also showing a clear Bullish Divergence on the RSI as well.
As an example in order to illustrate the effect is the following chart that I found here:
I am observing carefully the deployment of this pattern on the 4H chart. The volume is good but sellers seem to start reducing their power.
IMO, BTC is definitely willing to test the Long Term Inclined Support, but I am not bearish at all. I see high likelihood on the uprising after touching that support around 9500 USD, coming back to the 11000 USD area again.
Be careful in any case.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
