BTC/USD 1H technicals signal on the move upwards after sell-off.
Hi everyone! Hope you are doing well.
After analysing technicals, I can see BTC/USD is set for a short-term relief rally which could bring us back to the $31,000 level. We saw today that the overall stock market sentiment and U.S job data was below expectations, which carried down the crypto market as expected. We are now back in the $28,000 - $31,500 range in the short-term.
On the 1H chart, we can see signs BTC /USD is on the move upwards, with a Divergence Indicator showing a clear bull signal as it is inversely proportional and moving upwards. This could mean a rapid increase in price short-term. As well as this, RSI 14 close SMA indicates BTC/USD is oversold, with a value of 38.5.
I see strong resistance at a $32,000 level.
Position: Buy @ $29,450, Sell target $31,000.
Thanks for reading, let me know your opinions.
After analysing technicals, I can see BTC/USD is set for a short-term relief rally which could bring us back to the $31,000 level. We saw today that the overall stock market sentiment and U.S job data was below expectations, which carried down the crypto market as expected. We are now back in the $28,000 - $31,500 range in the short-term.
On the 1H chart, we can see signs BTC /USD is on the move upwards, with a Divergence Indicator showing a clear bull signal as it is inversely proportional and moving upwards. This could mean a rapid increase in price short-term. As well as this, RSI 14 close SMA indicates BTC/USD is oversold, with a value of 38.5.
I see strong resistance at a $32,000 level.
Position: Buy @ $29,450, Sell target $31,000.
Thanks for reading, let me know your opinions.