BTC Technical Analysis 5/15/2018

Bitcoin appears to have entered into a falling wedge pattern. For a refresher on falling wedges, visit Investopedia’s page on wedges. If this plays out well, it will be a bullish pattern and we will see a reversal of the trend when the price breaks the wedge. A very safe buy for BTC would be on the support at the bottom of the wedge if the RSI and Stoch RSI are oversold. I am personally aiming for $8075. I would abandon this trade and use a stop-loss if the price breaks lower support around $7900. This is a 4-hour chart and all three of the indicators I have on the chart look ready to come down. For a refresher on these indicators, please see the appropriate Investopedia pages:

Stochastic RSI

RSI

MACD

I will be watching this chart closely and overall I feel bullish especially with Consensus ongoing in NYC. If BTC refuses to touch wedge support and bounces with significant volume I would consider that to be very bullish and I would be looking to enter a BTC long before wedge resistance is broken.