Pt. 3 Value-Loaded Weekly Technical Analysis

What is the potential fate of BTC & ETH?

I hope you all have your learning caps on

because I am back with the market updates for the third week of August.

BTC/USDT

If you read last week’s analysis then you would not be surprised to see that Bitcoin failed to flip the key resistance multiple times at $25000 with a candle close on the daily timeframe. Each time it tried; it faced a humongous sell wall.

Now, let’s talk about a very important chart pattern that has been formed looking at the hightime frame i.e., Rising Wedge. A breakdown from here is very likely as the rally has not been supported by Volume.

If you look at the bottom of the chart, you can see that the volume in Bitcoin keeps on decreasing. However, Bitcoin’s price is moving in the opposite direction. This is a massive bearish OBV [On Balance Volume] Divergence.

This means that cumulatively the volume on down-days has been much greater than the volume on up-days.

ETH/BTC