Given the bearish divergence and the rising wedge which are both bearish, Bitcoin is still behaving nicely. The supply zone is managing to provide good support so far. The ema's are still moving up with the bulls and on the rsi we see a fight going on between the rsi and ema and given the soft rejections I expect a bullish cross-o far to come.
daily chart: https://www.tradingview.com/x/UYmVJsmR/
Within the rising wedge on the daily, a bullish pennant has formed on the 4 hourly chart. And you can see we've already added the volume profile because with this pattern, as you approach the apex, you want to see the volume decrease as described in the books. And that's exactly what we see here on the chart. Should this start to play out then the target for this pattern would be around 70K. But remember the higher the timeframe the less noise in the chart. So keep in mind the rising wedge on the daily.
The ema's are recovering but are still favorable for further rises. The rsi is moving against the ema and 50 level and is not being reprojected very hard. If this manages to cross bullish it will be wonderful with a possible breakout.
4h chart: https://www.tradingview.com/x/NjRIYf0n/
On the somewhat lower timeframe we also see increasingly higher lows forming an ascending triangle with the supply zone (red). The ema's are not very favorable but on the higher timeframes they are so I am not so worried about that. The rsi is neutral at the moment but we can see that it is ascending in the long term.
1h chart: https://www.tradingview.com/x/maRdBrSf/
Conclusion:
Support level is at 55800 and actually do expect us to look for the top of the rising wedge this week. Should the rising wedge play out to the end then the drop would come approximately to the support zone at 55800 and we are looking at a long setup again. For short we are not looking again until we break the 55800 on HTF on the downside and retest it. Should BTC ignore the rising wedge and in the process also start to break the ATH, some resistance will most likely occur around 67397 on the Fibonacci 1.618.
