Bitcoin continues to tighten as it makes it’s way towards a larger move. I’m seeing a smaller wedge within the larger one. Price is approaching the apex of the smaller wedge, suggesting we might see a move in the next few days. I don’t expect it to be the major move we’re all waiting for, but we will likely see a breakout of the small wedge within the next few days.
Looking at the 1 day MACD and RSI, we can see they’re both continuing to operate within a larger wedge as well. The apex of both coincide nicely with the apex of the larger wedge that price is operating within.
The 1 day chart shows continued narrowing of the Bollinger Bands. It also shows the 8, 21 and 55 day EMA (as well as the 50 day MA) all converging. As I’ve said in the past, this all suggests a larger move to come in the next 2-3 weeks.
In today’s video analysis, I discuss where price may go from here, as well as traps to avoid. I also try to explain my larger view on the market and why I feel the way I do. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Disclaimer: This is Not financial advice and I am NOT a financial advisor. Please always do your own research before investing.