Is Bitcoin really breaking down the support of rising wedge?



 Hi dear friends, hope you are well, and welcome to the new update on Bitcoin .

https://www.tradingview.com/chart/BTCUSD/XpBibiTd-Is-Bitcoin-really-breaking-down-the-support-of-rising-wedge/ 



The rising wedge pattern is considered as most of the time a bearish reversal, but in the case of BTC , it is more often behaving opposite in this bull run.

Today the priceline is opened below the support of the rising wedge pattern, but we still have the support of daily 25 simple moving average and immediate support of 50 SMA as well.

The volume is also decreased and not supporting the breakdown so far.

We need to keep an eye on volume and the daily closing.

If the price action will be bounced from here then an imminent move to the resistance of the wedge, which is approximately $67K, is possible otherwise in case of a breakdown our 1st support will be $45K.


Click here to create an account on Binance, the best place to buy or sell Bitcoin

For more trading signals you can join:

https://www.patreon.com/moon333

/////////////////////////////////////////////////////////////////////////////////////////////////////////////////

 

 

 

 

Earn best passive income on Tron Adz

Note: the above external link will take you to the Tron Adz page, wehre you can lend you trx and earn good ROI, any Tron based wallet is required

Comments

Post a Comment

Popular posts from this blog

Dogecoin (DOGE) Look At This Amazing Bullish Reversal Pattern And Buy The Dip

Image
    Click here to create an account on Binance, the best place to buy or sell Dogecoin   For exact buy and sell targets for this trade, and other harmonic trading signals you can join: https://www.patreon.com/moon333     Earn 310% ROI as passive income on eclipcityglobal by investing and mining UME token   Note: the above external link will take you to the eclipcityglobal page, any Tron based wallet is required
Read more

Tron (TRX) | Amazing Bullish Setup For Big Breakout Soon

Image
    Hi friends, hope you are well, and welcome to the new update on Tron (TRX).   Behaved differently from Bitcoin: Yesterday, the price action of TRX has moved and behaved differently with the bitcoin. For example yesterday, we had the sale in Bitcoin but in TRX, we had a nice buying and it formed a green candlestick. Therefore, we can expect that if the bitcoin is moving down, the TRX can move to the upside.   Still moving above the trend line support: After placing the trend lines, we infer that BTC broke down the trendline support. Whereas, TRX is still moving above the trendline support. For example, if the TRX will be moved down, then there is still space for the price action to move down, which will be approximately $0.069. If the price action will break down this trend line support, then we can expect that the Tron will move more down. Otherwise, it can bounce back.   Descending triangle and the volume profile: The price action is likely to have a rejection this time by the res
Read more

Stellar Lumens XLM A Big Air Drop 5 Billion tokens Distribution | XLM Has Spiked At $0.10 Resistance

Image
Yesterday Stellar had a big event of unofficial 5 Billion VWV tokens airdrop. The tokens were distributed as an airdrop to Stellar (XLM) holders based on a snapshot of the Stellar blockchain on July 16, 2020. So if you are a Stellar holder then you should visit the below link for more updates. https://community.vwv.pw/blogs/508/VWV-Power-VWV-airdrop-to-Stellar-XLM-holders   A big distance between priceline and SMAs: Now if we watch the live daily chart then priceline of XLMd has broken out all simple moving averages with a time period of 25 50 100 and 200. Now there is a big distance between the price action and these moving averages. Therefore this situation is a bit critical because if the price line will start a correction rally then it will need to move down up to the nearest available simple moving average to use it as a support. However, if the moving averages will be moved up to provide the support to the price action of Stellar coin then we can witness a further upward rally fr
Read more