It seems Binance USDT pairing oracles are having issues on TradingView at the moment so we switch to BTCUSD Coinbase exchange to give us a more updated view of my previous idea on Bitcoin that is currently playing out nicely.
As you can see in the chart there are a lot of things going in terms of what has played that has given us a clearer picture. One of the first things that stands out is the bearish head and shoulders pattern that broke today and resulted in a decent pullback of a 5% measured move.
And in doing so created a slightly higher low on the 4 hour chart.. meanwhile the RSI is diverging and still putting in lower lows which means we now have hidden bullish divergence on the RSI on the 4 hour timeframe.
The key to this is in the fact that A) a bearish pattern has completed itself and B) bears failed to pivot the macro movement of price with a lower low that would of course created the first leg of a potential downtrend.
This leaves us now with momentum for a retest of previous highs right around $46500. There are bearish things to keep in mind as Bitcoin does appear to be rounding on its chart which means Bitcoin's price action needs to get moving as further consolidation in this area would seem more favorable for the bears than the bulls.
We do have eerily similar hidden bullish divergence that played out in July that resulted in a quick 10% move to the upside. That would be enough to give BTC another higher high on its way to what could be much higher price levels in the not so distant future IF this was to play out.
As you can see in the chart there are a lot of things going in terms of what has played that has given us a clearer picture. One of the first things that stands out is the bearish head and shoulders pattern that broke today and resulted in a decent pullback of a 5% measured move.
And in doing so created a slightly higher low on the 4 hour chart.. meanwhile the RSI is diverging and still putting in lower lows which means we now have hidden bullish divergence on the RSI on the 4 hour timeframe.
The key to this is in the fact that A) a bearish pattern has completed itself and B) bears failed to pivot the macro movement of price with a lower low that would of course created the first leg of a potential downtrend.
This leaves us now with momentum for a retest of previous highs right around $46500. There are bearish things to keep in mind as Bitcoin does appear to be rounding on its chart which means Bitcoin's price action needs to get moving as further consolidation in this area would seem more favorable for the bears than the bulls.
We do have eerily similar hidden bullish divergence that played out in July that resulted in a quick 10% move to the upside. That would be enough to give BTC another higher high on its way to what could be much higher price levels in the not so distant future IF this was to play out.
