ZuluTrade Blog

BTCUSD is forming a falling wedge!

Market View | Tuesday, April 3, 2018 1:17 PM GMT

Bitcoin, the King of Cryptos, is trying to reclaim last year’s prestige; however, all reversal attempts have failed to be consistent and strong enough. It is still moving below 200 SMA while 5/21 EMA bearish crossover is still valid. But, BTCUSD is forming a symmetrical falling wedge. The wedge’s slope is decent. It is currently testing the upper side. In the meanwhile, Stochastics has given a bullish crossover signal while is still oversold. Bears have to hold $7680 level and 200 SMA to keep the bearish daily momentum.


Heading to the hourly timeframe, if BTCUSD holds $7245, this will lead the price to $7680 or even $7800. Bulls want to keep the price within the rising channel (CH1) while bears like to violate it to the downside in order to regain the intraday control.



(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.


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