Hi everyone,
Bitcoin has been trading in the channel bordered by the dashed green lines, and today it hit the red resistance line (Resistance drew from the 20k high).
As you can see by the yellow line, it made a bearish divergence in the 4hr, while also going out of scope of the bollinger bands. I think this current move is over, and if it breaks the green dashed line as support, it is due for a retracement, either to 8-9k, or the lower green support line (will update accordingly.)
(This is not a signal to buy or sell, it is to be used for educational purposes only)
Happy trading everyone.
On a side note, i cannot seem to add pictures or graphs to my updates, if anyone could help on that it would be greatly appreciated.
Bitcoin has been trading in the channel bordered by the dashed green lines, and today it hit the red resistance line (Resistance drew from the 20k high).
As you can see by the yellow line, it made a bearish divergence in the 4hr, while also going out of scope of the bollinger bands. I think this current move is over, and if it breaks the green dashed line as support, it is due for a retracement, either to 8-9k, or the lower green support line (will update accordingly.)
(This is not a signal to buy or sell, it is to be used for educational purposes only)
Happy trading everyone.
On a side note, i cannot seem to add pictures or graphs to my updates, if anyone could help on that it would be greatly appreciated.
Comment:
As you can see, bitcoin fell through the green support line, lets see if the 0.618 retracement line at 8500 holds, if not, we might be retesting the previous bottom