WolfpackCrypto

April 8th Bitcoin Market Update - Support and Resistance

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Bobby

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Thanks for sharing dude! I really appreciate your analyses and how you face the market.
I noticed a bearish divergence of the RSI on your chart, which makes me believe that the probability of a health retrace to the 4.6k zone increased. However, it's not evident on higher time frames.
Do you usually trade divergences? What are your thoughts on that?

+1 Reply
@hmborges, cheers. thanks for watching. I definitely look for divergence and thanks for bringing that up. I use it as an indicator to let me know to really tighten up on technical framework and watch for a potential change in direction. That bearish divergence on RSI is hard to assess mainly because things pumped up so much on April 1st you have to expect RSI to look like it does as it retraces back to neutrality. However, when you consider the bearish divergence on the stochastic (which is more sensitive to momentum changes in market not prices changes) this confirms that the bulls at least on the shorter time frame (2hr chart) is showing some weakness. It's something to watch closely especially if you are like me where you trade 30-50% of your portfolio in a short term sense. On the flip side the trend is still strong for bulls as you state on the higher time frames. So it really depends what kind of trader you are. If you are someone who looks for longer term trends to develop than trading on the daily makes sense and you wouldn't take any action yet. However, for someone like me who trades more short term I would watch that 2hr divergence happening on stochastic and watch the market more closely....
+1 Reply
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