#BTC is getting ready for the Big move!!

Updated

Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities.
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!

I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.

#BTC UPDATE

BTC is forming this big falling wedge pattern

what is falling wedge pattern

The falling wedge is a bullish pattern. Together with the rising wedge formation, these two create a powerful pattern that signals a change in the trend direction. In general, a falling wedge pattern is considered to be a reversal pattern, although there are examples when it facilitates a continuation of the same trend.

*BTC Need to Clear the 18,500 Resistance to Confirm the Falling Wedge Breakout

* RSI is also sowing some bullish divergences move

*If it conform this pattern then according to the pattern we will see good bounce
Stay tuned I will keep updating

This chart is likely to help you make better trade decisions if it does consider upvoting it.

I would also love to know your charts and views in the comment section.

Thank you

Note

bulltrap to 18K followed by a crash

Note

#BTC

BTC bounced with a good volume after doing breakout of the descending trendline and POC level.

The bulls are showing strength and attempting to break horizontal resistance. An effective breakout above it will affirm a push toward $18,200.

In case of rejection, a retest of the POC level or of the marked descending trendline could be a potential situation.

Note

Traders Still Selling in Losses
Short-term on-chain participants continue to sell in losses (short-term SOPR < 1). Such lack of faith gives rise to a strong resistance at 18k, the rough average cost of entry for short-term participants. With yield curve inversions often preceding recessions and the current 10-year Treasury rate (3.75%) below the 3-month rate (4.22%), I would be careful once the 18k level is reached.

Note (short-term SOPR vs. aSOPR):
Given all participants who bought after December 2020 are now in loss, it's tough for long-term holder SOPR to turn back to a positive trend anytime soon. As a result, short-term SOPR becomes a more informational and dynamic metric compared to aSOPR/SOPR under current market conditions (aSOPR/SOPR combines both long-term and short-term data).

Note

BTC UPDATE

BTC got rejected from 17k level and currently trading below it. We have 16.6k-16.8k level as local support.

There is a high chance that BTC holds this level and bounced from here. In case it does not hold and break below the 16.6k area then our next major support area is around the 16k level.

But as long as we stay above the 16.5k level, everything is fine and we can expect a higher rally.

Stay tuned I will keep updating.

Note

#BTCUSDT :- No changes, nothing to update

CRYPTOMOJO_TA

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.