quyverlander

BTCUSD analysis (hourly)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking at the hourly chart for BTCUSD , there is bullish divergence and an inverse head and shoulders pattern formed on the RSI , signalling for a move to the upside. Price is also above the hourly EMAs (20,50,100,200), and recently broke the descending trend line .

Short term resistance sits around $46k, but If price can hold the 200 hourly EMA (45,400) and above the descending trend line , it looks like we will move back up and test the local high (around 48k ).

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