This chart shows Bitcoin (BTC/USDT) on a daily timeframe, forming a rising wedge pattern, which is often a bearish reversal setup.
This chart showcases Bitcoin (BTC/USDT) on a daily timeframe, forming a rising wedge pattern, which is typically a bearish reversal setup. The price is approaching the wedge's apex, suggesting a possible breakout soon. The RSI reveals bullish divergence with higher lows, supporting short-term bullish momentum. However, bearish RSI divergence at the top hints at a weakening trend. This analysis suggests that the price may attempt to break out bullishly from the wedge due to the bullish RSI divergence, but a failure to do so could lead to a bearish continuation. Keep an eye on the price action at the wedge's apex and the RSI movements for further directional clues.
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