Bitcoin: Ascending Wedge Analysis 6H (Apr. 23)
X FORCE GLOBAL ANALYSIS:
Bitcoin has shown a very slow and steady rise for the past few days. In this analysis, we take a look at Bitcoin's bullish and bearish evidence to assess the situation through technical analysis.
Bullish Evidence
- Despite the slight downfall after having created a local top recently, Bitcoin is still creating higher lows and looks to create higher highs as well
- The ascending trend line support remains intact
- We have broken through and closed above the 0.618 Fibonacci resistance
Bearish Evidence
- We are trading within an ascending wedge pattern, which is typically considered bearish
- We have created a lower high
- The Relative Strength Index (RSI) is creating a descending channel with lower highs and lower lows
- The Moving Average Convergence Divergence (MACD) creates mixed signals and a lack of momentum
Market Sentiment:
Long short ratios are at 65 to 35, with significantly more longs than shorts.
What We Believe
We believe that a break through the descending trend line could start a bullish rally to the 1.618 Fibonacci resistance, especially given that we have started to create new higher lows and higher highs on the shorter time frames.
Trade Safe.
Bitcoin has shown a very slow and steady rise for the past few days. In this analysis, we take a look at Bitcoin's bullish and bearish evidence to assess the situation through technical analysis.
Bullish Evidence
- Despite the slight downfall after having created a local top recently, Bitcoin is still creating higher lows and looks to create higher highs as well
- The ascending trend line support remains intact
- We have broken through and closed above the 0.618 Fibonacci resistance
Bearish Evidence
- We are trading within an ascending wedge pattern, which is typically considered bearish
- We have created a lower high
- The Relative Strength Index (RSI) is creating a descending channel with lower highs and lower lows
- The Moving Average Convergence Divergence (MACD) creates mixed signals and a lack of momentum
Market Sentiment:
Long short ratios are at 65 to 35, with significantly more longs than shorts.
What We Believe
We believe that a break through the descending trend line could start a bullish rally to the 1.618 Fibonacci resistance, especially given that we have started to create new higher lows and higher highs on the shorter time frames.
Trade Safe.
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