Hello Traders!
Quick chart update today, a potential trade set up on Bitcoins current formation with a bullish divergence.
Points to consider
- Price respecting down trend
- Structural support at .50 Fibonacci
- RSI respecting trend line
- EMA’s giving price resistance
- Volume below average
Bitcoin is currently at a price level that has historically been support by its trend line. A bounce back into resistance is probable for Bitcoin.
Price has been respecting the blue resistance line, this is in a wedge formation that is coming closer to its apex zone.
Structural support is at the .50 Fibonacci levels, a good technical take profit zone if price manages to reach it, this can be backed by the stochastic upside projected momentum…
The RSI is currently respecting its trend line, diverging from price as it makes consecutive lower highs; this puts more emphasis on the bullish divergence on coming to fruition.
EMA’s need to cross bullish and we need to see sustained above average bull volume to successfully push price up…
What are your thoughts on this trade set up?
Please leave a like and comment,
And remember,
“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah
Quick chart update today, a potential trade set up on Bitcoins current formation with a bullish divergence.
Points to consider
- Price respecting down trend
- Structural support at .50 Fibonacci
- RSI respecting trend line
- EMA’s giving price resistance
- Volume below average
Bitcoin is currently at a price level that has historically been support by its trend line. A bounce back into resistance is probable for Bitcoin.
Price has been respecting the blue resistance line, this is in a wedge formation that is coming closer to its apex zone.
Structural support is at the .50 Fibonacci levels, a good technical take profit zone if price manages to reach it, this can be backed by the stochastic upside projected momentum…
The RSI is currently respecting its trend line, diverging from price as it makes consecutive lower highs; this puts more emphasis on the bullish divergence on coming to fruition.
EMA’s need to cross bullish and we need to see sustained above average bull volume to successfully push price up…
What are your thoughts on this trade set up?
Please leave a like and comment,
And remember,
“You never know what kind of setup market will present to you, your objective should be to find opportunity where risk reward ratio is best.”
― Jaymin Shah