Hi dear members hope you are well, and welcome to the new update on Bitcoin (BTC).

Rising wedge move:

On a daily time frame, BTC has formed a rising wedge pattern and moving in this pattern since 24 Oct 2023. Now it has again reached the resistances in case of breakout imminent pump can be possible up to $41.9k, and incase of break down a possible to the downside can be up to $33k (to the bottom of wedge).

https://www.tradingview.com/chart/BTCUSD/0wKvkID7-Bitcoin-new-move/

For detailed analysis, you can also watch the below video:

Divergence check:

If we apply the divergence check, and drop RSI oscillator on the chart, then RSI was previously forming lower highs but now it is forming higher high and aligned with the movement of priceline, therefore, now there is no bearish divergence.

Bitcoin inflow:

If we take a look at BTC inflow (The total amount of coins transferred to the exchanges), then it is quite decreased. Remember that high value indicates higher selling pressure and low value indicates decrease in sell pressure.

The bench mark to trigger high sell pressure is more than 68k Bitcoins, and this bench mark was set on 10th Nov 2023, and after that the price was dropped almost 7%.

Conclusion:

Price action, Indicators and oscillators are favoring the break out of this wedge pattern rather than breakdown, and as a result we may see a bullish momentum in the whole cryptocurrency market, however, we continuously need to keep an eye on the situation because anything can be happened and indicators or move can be changed.

Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.

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