On the above 12 day chart price action has increased 450% since March 2022. A number of reasons now exist for a bearish outlook. They include:
1) Failed support for price action and RSI.
2) Regular bearish divergence, lots of it. Seven oscillators print negative divergence with price action. Look left.
3) The rising wedge breakout and backtest. On confirmation price action has a high probability or returning to where the wedge began as measured from the apexes, which is $30.
Is it possible price action continues upwards and onwards? Sure.
It is probable? No.
Ww
1) Failed support for price action and RSI.
2) Regular bearish divergence, lots of it. Seven oscillators print negative divergence with price action. Look left.
3) The rising wedge breakout and backtest. On confirmation price action has a high probability or returning to where the wedge began as measured from the apexes, which is $30.
Is it possible price action continues upwards and onwards? Sure.
It is probable? No.
Ww
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.