Bitcoin Bearish Divergence

The price diverges with MACD histogram and RSI . We get a bearish divergence which is a strong trend reversal signal. MACD confirms downward movement. RSI confirms price reversal from 4400.00 level. ADX line of DMI indicator starts falling. It's a signal that bulls are not so strong now. Based on the above signals, we should expect for a correction movement. The market is going to move lower and we have to spot possible support zones for buying based on reversal signals. If the market drops lower than Simple Moving Average with period 20, it will be a good confirmation of further downward movement. The market will be able to reach SMA50. This support line can stop and reverse the falling market. If we get a confirmed reversal signal from SMA50, we'll be ably to open long trades. But if the market breaks this support line, the next support zones will be at 3500.00 level and then SMA100. These zones will be good for buying and joining to the main uptrend.
Comment: A bullish candlestick pattern (hammer) at SMA20 can be a signal of price reversal with further upward movement. Will it be a short term price movement or a new impulse wave, we'll see.

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Looks like the reversal begins!
I agree with your comment that there was a signal of price reversal with some upward movement happening on the charts. I just published a post about a 1 H triangle breakout on this pair that shows some possible bullish trades with a warning to watch out for a short continuation. . I would greatly appreciate your opinion on this idea. Here is the link.

caseystubbs Tradingstrategyguides
@Tradingstrategyguides, great chart btc is fun to trade.
Some resistance between $400 and $4400 if break out that resistance "SHOW TIME"
If we look at the bigger picture , isn't bitcoin forming a huge head and shoulders ?
+2 Reply
I think we should get ready to take off soon. The support is too strong to go as low as $3500 or $3000, did not expect that, congrats bitcoin being so strong
+1 Reply
Bullish divergence(lower high) happened at august 5~9, what is difference between this bullish divergence at august 13~15(lower high) ??
+3 Reply
Damn, wish the market would make up its mind
We'll see.
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