- Note - this is a different TA perspective from my usual price action TA and its just a point of view.
BTC/USD - As you can see in the past we have seen a huge descending wedge which included a double top , very similar to the same formation happening now.
We have bullish movement on the 4 hour MACD and RSI and we are looking stronger as an overall market. Big bottomed out wicks and buying pressure at the right times, I have been monitoring BTC very closely and this small run back feels different as its doing the right things at the right time.
We do need a 4 hour close above $8,370 to have any confidence in a strong potential push. Do not get me wrong I am not completely convinced we have bottomed out but this does feel pretty close and BTC is known for suprising us at times.
So my thoughts - if we find support on the wedge resistance around $8,310 - $8,320 we should push up above the $8,370 mark and continue to push higher highs.
If we fail to find support and break back down we will see the likes of $7,800 - $7,900 again.