Hey traders, just be sure to refer to BTC /USD on the longer time frames, too early to tell if this is valid, but could be a potential rising wedge formation, with the apex right at the 11-year resistance level . Money flow on the higher time frames (12 hourly - weekly, looks quite bearish , cooking up a move to the downside. The green money flow seem on Cipher B does look like it is about to peak before money flows out of BTC , and is supported by momentum waves above the baseline and overbought RSI .
In the shorter time frames however, does look like it has bounced off a key level of support/resistance and still has a bit of upside potential to go before testing that upper trendline of the rising wedge . Like I said prior, it is too early into the formation to enter any trades, but this would be very bearish for BTC if this was valid. Keep tracking in the coming days/weeks/months to see how this plays out and if it gets invalidated.