Bitcoin (BTC) Morning Update

Good Morning Traders! ;)

BTC Update for this morning! Yesterday we saw the continuation of the previous night's start to the BTC pullback/correction and so far it is simply once again giving us some Fib to Fib action and respecting our Technical Analysis and what the market and charts were trying to tell us. Right now I have BTC in a Falling Broadening Wedge (Megaphone) having it the Bigger Rising Wedge 38.3 Fib Retracement and then making a 50% pullback before falling again and stabalizing a bit. We still haven't reached the ultimate targets of our broken Rising Wedge, but we did get a bit Oversold on the 1H at the bottom of yesterday's move and are now getting Bullish CONVERGENCE, not Divergence on both the RSI and MACD. That being said there is still plenty of room before we get to Oversold levels on the 4H timeframe, the 4H MACD was showing us very strong bearish momentum and neither of those indicators are showing Bullish Divergence or Convergence at this point. Remember what previous bigger pattern is playing out (Big Rising Wedge), what are targets were and also the fact that a Falling Broadening Wedge is EVENTUALLY a reversal pattern, but it does leave a lot of room to the downside.

We also had a SLIGHT possibility of having our Rising Wedge within an upward tilted Parallel Channel Which is being tested right at this moment:

The 1.618 Fib Extension of yesterday's Leg Down followed by a 50% Pullback lines up almost perfectly with the Target for the Break of our Previous Rising Wedge (61.9 Fib Retracement) in the $7,900 (Coinbase) area. Remember that the last Square Up in the Rising Wedge was and still is at $8,020 (Coinbase)

Keep Calm and Trade On!
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