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  • gertvanlagen

$BTC [6h]: Shortterm correction incoming?

Updated: Sep 15, 2021

The following bearish signals point to a potential incoming test of the $40-42k range:

  • Rising wedge with target at ~$40k;

  • Bearish divergence on the RSI (yellow arrow)

Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.

The 40-42k range acted as a heavy resistance with the price failing twice, once in June and once in July.

After the breakthrough in early August, this range has not been tested on a higher timeframe to make sure it counts as support now.

The potential incoming test could form a bulish channel (along with the previous test and the upper trendline of the falling wedge), setting a higher low before continuing the uptrend.

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