cryptotraderog

Bitcoin / BTCUSDT potential bottom

BINANCE:BTCUSDT   Bitcoin / TetherUS
We might have potentially just bottomed on Bitcoin . We have two main indicators confirming this. For one, we have a bullish divergence on the 4H timeframe where price is going down but rsi is moving up. Secondly we just had a false breakdown setup where price closed below support of 43k just to bounce and close above 43K, likely creating a bear trap. I’m personally entering into a small position here as I had taken some profits a bit higher up.

That said, I’m not going in full position just yet as markets are still in a downtrend and musk is having an outsized impact on the markets, throwing traditional TA somewhat out of whack.

Lastly, I’d say be very careful, especially leverage trading.
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