Interesting bull patterns on 24hr

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In my last TA I indicated that BTC would drop to $7.9-$8k region (blue box on the chart). I also pointed out how this drop would result in an RSI pattern, seen twice since December, which has resulted in bulls regaining temporary control when looking at the 4hr charts (

As I write this we are at $7750 and I'm looking at the 24hr BTCUSD chart for this analysis.

If the current price holds for the next 24hrs then 2 interesting patterns will have formed

1. MACD bullish divergence (and MACD is also shaping up for a bull cross over)
2. RSI bull divergence

However, a follow on from bulls regaining control here is that a bearish wedge is forming on the 24 hour chart. Another possibility I include is a tumble down to retest $6k or lower because there is still a significant amount of FUD in the market right now.

I also point out an RSI resistance level at 60 where it will be a good future sell point for those who are into day trading.

To summarise, If the price holds above 7.6-8k for the next 24hrs then two indicators show that bulls can regain control and there is a high likelihood of the more long term bear wedge forming. Regarding the bear wedge , the price would have to increase back to $10k at least for the wedge to be considered truly formed.

Yours in Crypto,

Mar 17
Comment: Also the blue boxes overlayed on the RSI were left there by accident. Please ignore.
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