ZuluTrade Blog

BTCUSD forms a rising wedge!

Market View | Tuesday, October 31, 2017 12:43 PM GMT

Bitcoin keeps outperforming against major altcoins as it recorded a new all times highs on Sunday. There are rumors that China will resume the cryptocurrency trading and South Korea’s regulation will have a positive approach.

Reviewing the bigger picture, the weekly TF, it’s obvious that RSI (5) is giving a negative divergence on each new Bitcoin’s high. This is something that investors should be cautious. In addition, when RSI (5) goes oversold, it gives an amazing buying opportunity.


Going to the daily TF, BTCUSD forms a rising wedge, which is a bearish pattern. In addition, RSI (5) creates bearish divergence that indicates a potential bulls’ weakness. However as long as the 21 EMA keeps the price above it, the trend stays strongly bullish.


Heading to the hourly TF, the cryptocurrency consolidates above 6050$ level. If price closes below this level, then BTCUSD may head to the noted zone. Bulls want to reclaim and verify the 6180$ level to target new highs.


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