** The Channel Up and Pivot trend indicators**
Bitcoin is trading inside a Channel Up on the 1D time-frame which has been lately supported by the 1D MA200 (orange trend-line). Since the uptrend started on the July 20 low, the price has filled all major Fibonacci retracement levels except for one, the 0.786 (which is roughly at 54420). That would make an ideal technical Higher High on the Channel Up if hit in the next few days.
** The RSI **
However we need to consider the Lower Highs trend-line on the 1D RSI . This is diverging from the price action as it is giving Higher Highs on the Channel Up for BTC . The longer it holds, the more likely a correction is possible. However a break above the LH trend-line may initiate a strong rally to fill the All Time High ( ATH ) Gap.
** The LMACD **
At the same time the LMACD is about to make a Bullish Cross. A complete formation would be very bullish for BTCUSD as the last one on July 22 was exactly at the start of this strong rebound.
What's your current view on this? Is this all a strong bullish combination, or the RSI divergence can spoil the party? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
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Bitcoin is trading inside a Channel Up on the 1D time-frame which has been lately supported by the 1D MA200 (orange trend-line). Since the uptrend started on the July 20 low, the price has filled all major Fibonacci retracement levels except for one, the 0.786 (which is roughly at 54420). That would make an ideal technical Higher High on the Channel Up if hit in the next few days.
** The RSI **
However we need to consider the Lower Highs trend-line on the 1D RSI . This is diverging from the price action as it is giving Higher Highs on the Channel Up for BTC . The longer it holds, the more likely a correction is possible. However a break above the LH trend-line may initiate a strong rally to fill the All Time High ( ATH ) Gap.
** The LMACD **
At the same time the LMACD is about to make a Bullish Cross. A complete formation would be very bullish for BTCUSD as the last one on July 22 was exactly at the start of this strong rebound.
What's your current view on this? Is this all a strong bullish combination, or the RSI divergence can spoil the party? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
!! Donations via Trading View coins also help me a great deal at posting more free trading content and signals here !!
