BTC SCENARIO UPDATE (4)

Traders,

Here we have BTCUSD on the daily chart.

BTC forming a rising wedge on the daily chart with aggressive price action to kick off all shaky hands from the market on lower time-frames, but the question to ask: Are we bullish ?
Ans: in my humble opinion we are bullish for now and this will be a temporary period, cause we have many confirmation that we will have a bearish cycle coming in a few weeks:

1- Bearish divergence on RSI on the daily chart

2-Oversold on 4h will lead to a temp bounce bach to the previous high at 9900$

3-A false out happened few days ago from the ALTH will lead the price to get below it again

4- Next retesting will break the wedge and this will lead the price to test 7.5k again

5- I will update this idea if we touch 7.5k stay tuned and hit the follow button to be updated

6- check the main idea posted March 2020 here below


Regards,
Mohsen