falling wedge

23 Apr 2019 08:34

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produce anything meaningful for the bulls prior and the same pattern is happening again. The timeframe of the pattern in question is also very similar - 10-11 days. Next week will be key for Bitcoin.

2. 1D Bullish Divergence is approaching its critical resistance, closing above 7500 USD on 1D is desperately needed to establish a 'higher high' discussed prior. If nothing will suffice from 1D bullish divergence bears will use all the liquidity to feed their shorts. This is the best chance the bulls might have for a long time.

3. Death Cross happened. The significant part of being below the 200MA and being unable to springboard from its support has already outlined how unsuccessful the bullish attempts to push BTC higher have been.

4. Repeating Volume Cycles. Volume profile is consistently printing a 'no-demand' candle on the 3rd or 4th day of a 'relief rally' before the next sell-off resumes. Provided that we had only 2 green days since the test of 50MA at 6400 USD and there was little to no development to establish a 'higher high' and a possible trend reversal, the new test of 50MA may come next week. Bulls desperately need a 1D closing price above 7500 USD to get people on board.

falling wedge

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