BTC - Fake Breakout!
Bitcoin just recently broke the downward resistance channel and many are now calling for bitcoin to go to its next all time high! To me, the charts are telling a different story.
-Breaking of the resistance trend line has to be one of the weakest moves I have ever seen, pure market manipulation at its finest.
-We have an ascending wedge, accompanied with a decline in volume, bearish signal.
-MACD can go both ways
-RSI is showing the same as what the wedge is telling us, bears have the upper hand
-Coppock shows the buyers losing momentum
Most likely, bitcoin will retrace. Wait for the wedge to be broken and act accordingly.
-Breaking of the resistance trend line has to be one of the weakest moves I have ever seen, pure market manipulation at its finest.
-We have an ascending wedge, accompanied with a decline in volume, bearish signal.
-MACD can go both ways
-RSI is showing the same as what the wedge is telling us, bears have the upper hand
-Coppock shows the buyers losing momentum
Most likely, bitcoin will retrace. Wait for the wedge to be broken and act accordingly.
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