Dear fellow traders, Please see the chart for complete interpretation and read the description to correlate.
Why I think this falling wedge is going to work? Let me explain it.
1. Firstly, Notice the red trendline: See the point A from where it is starting. Now check the point A on RSI . What do you see? Point A of the red Trendline is exactly the point from where RSI started showing bearish divergence ( RSI started falling from this point, even though Bitcoin's price was rising). It means this is the real top as per RSI .
2. Secondly, this red trendline will result in the formation of the falling wedge . A falling wedge is a bullish sign (You can google it to confirm). Now see where Red trendline is intersecting with the Blue trendline. This is our real bottom for Bitcoin . It will fit in all the bullish scenarios that you can think of.
I personally only do investing, no trading!
If you want to do analysis, I would recommend you to zoom out the chart first and then start. Start with monthly or weekly charts
Follow me for more information.
Note: This is not a financial advice. Please do your own research before investing.
See my previous posts to corelate!!
BTCUSD
Why I think this falling wedge is going to work? Let me explain it.
1. Firstly, Notice the red trendline: See the point A from where it is starting. Now check the point A on RSI . What do you see? Point A of the red Trendline is exactly the point from where RSI started showing bearish divergence ( RSI started falling from this point, even though Bitcoin's price was rising). It means this is the real top as per RSI .
2. Secondly, this red trendline will result in the formation of the falling wedge . A falling wedge is a bullish sign (You can google it to confirm). Now see where Red trendline is intersecting with the Blue trendline. This is our real bottom for Bitcoin . It will fit in all the bullish scenarios that you can think of.
I personally only do investing, no trading!
If you want to do analysis, I would recommend you to zoom out the chart first and then start. Start with monthly or weekly charts
Follow me for more information.
Note: This is not a financial advice. Please do your own research before investing.
See my previous posts to corelate!!
BTCUSD
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