Here are my thoughts on Bitcoin's current price action:
- RSI bullish divergence has been created on the 4H time frame. This is significant because BTC usually rallies up towards the 21EMA (5350).
But there is still strong resistance right above around $5150-5200 as the trendline (symmetrical triangle) that we broke down from yesterday is still resistance.
- A 4H close above this trendline may indicate a move towards $5400-5500 overtime. But I would then also target a move higher if a 12H closes above the 10MA currently holding price down -> Next target being 6000's.
This chart shows targets around $5350 and $5600 if trendline is broken.
It looks like BTC may drop down briefly towards $4700-4850 to create a double-bottom formation.
Summary: A break above the trendline will likely lead to a bullish rally close to 5600, and potentially higher over time.
- RSI bullish divergence has been created on the 4H time frame. This is significant because BTC usually rallies up towards the 21EMA (5350).
But there is still strong resistance right above around $5150-5200 as the trendline (symmetrical triangle) that we broke down from yesterday is still resistance.
- A 4H close above this trendline may indicate a move towards $5400-5500 overtime. But I would then also target a move higher if a 12H closes above the 10MA currently holding price down -> Next target being 6000's.
It looks like BTC may drop down briefly towards $4700-4850 to create a double-bottom formation.
Summary: A break above the trendline will likely lead to a bullish rally close to 5600, and potentially higher over time.
Trade ativo:
BTC came down and retested the previous trendline, bouncing off of it.
