Hello fellow traders! This is just a look at what I am seeing. First off, BTC still has its golden cross which is nice. (Daily 50 MA trending above the 200 MA)
To note, BTC has continuously made higher highs and lows. Stochastic RSI needs to relax after a hard days work at 100.
The one thing I don't like is the pretty large bearish divergence that has taken place. weekly, jan-nov, so that can't be ignored, so have stop losses in place!
Now, I Imagine BTC will have another dip down to further confirm resistance as support, (BTC loves to take a big dip before coming back up again) this would also coincide with the RSI possibly touching down to 50 (support)
If price action starts trading above 58k again, that would be a good sign for the bulls as the weekly candles have touched this zone 17 times, making it a strong area of resistance. If this support area doesn't hold, BTC will likely see 32k again. As for my opinion, the chart still looks like a healthy market cycle taking its course.
Let me know what you guys think! Post some charts? Good luck, and think positive! :)
To note, BTC has continuously made higher highs and lows. Stochastic RSI needs to relax after a hard days work at 100.
The one thing I don't like is the pretty large bearish divergence that has taken place. weekly, jan-nov, so that can't be ignored, so have stop losses in place!
Now, I Imagine BTC will have another dip down to further confirm resistance as support, (BTC loves to take a big dip before coming back up again) this would also coincide with the RSI possibly touching down to 50 (support)
If price action starts trading above 58k again, that would be a good sign for the bulls as the weekly candles have touched this zone 17 times, making it a strong area of resistance. If this support area doesn't hold, BTC will likely see 32k again. As for my opinion, the chart still looks like a healthy market cycle taking its course.
Let me know what you guys think! Post some charts? Good luck, and think positive! :)
Comment:
2023 just want to note, one of the noobiest things ive ever posted with that giant divergence
weekly candles closing above 58k is ideal. might take some time to play out.