Bitcoin Reversal Signal on WEEKLY Long

Bitcoin / U.S. dollarBitstamp

Description

⋅ Nov 29, 2022 10:53 AM

Looking at the weekly chart we can see that bitcoin is printing a major weekly bullish divergence on the RSI.

There is a good chance that BTC will respond to this and make room for a rally to atleast 28k.

It's possible that we still make lower lows later, but for now I think BTC has a good chance to go up first to play out this weekly divergence

Chart Patterns Bitcoin (Cryptocurrency)reversal Bearish Patterns market recession moon 2023 analysis FTX

Comments

tfinavia

⋅ Feb 2, 2023 9:37 PM

This is a really great chart and a wonderful insight right from the beginning. It matches with what I have for GBTC target of 15.55. Timing is just precise too it seems. Great work mate.

Solldy

⋅ Nov 29, 2022 11:10 PM

Extremely convenient design of the graph for perception. Deal with a good RRR, thanks for the idea)

wargolynch

⋅ Nov 29, 2022 8:34 PM

The second low of the RSI(14) has not fallen into oversold zone and the upper trendline of 2021 is not broken yet. This divergence is not only weak but unconfirmed.

CivilisedWolf

⋅ Nov 30, 2022 9:21 AM

@GreenValleyTrading, Hi there, thanks for sharing, I disagree with your statement though.

wargolynch

⋅ Nov 30, 2022 11:33 AM

@VincentBoudewijn, Many people are disagreeing with many rules and theories.
This weekly RSI(14) POTENTIAL normal bullish divergence is not only weak, but UNCONFIRMED. Those are facts you can not disagree with unless you want to rewrite the full game of trading probabilities. You could be right this time but you will be wrong most of the time by trading weak signals.
You should also look into hidden divergences (continuation signals) if not already done, although we can't see any at the moment.

SwallowPremium

⋅ Nov 29, 2022 3:53 PM

Thanks for the update, it's really useful! Keep up the good work!

dRends35

⋅ Nov 29, 2022 2:25 PM

There was bullish divergence until November.