Sentiment is still very and people are expecting lower levels according to our sentimental analysis.
When there is a huge amount of shorts open (36700.13 BTC at time of writing) and the chart is showing a signs such as then there's always a higher chance for the market to move upwards than continue moving downwards.
$3,655 resistance is considered as the breakout level that it has to be taken down with increased to give confident on to the breakout and this makes valid. Keep in mind that divergences are considered one of the strongest leading indicators and statistically has a high number of successful breakouts.
is neutral on the and various indicators are neutral on the smaller timeframes.
A break above is required to continue moving further upwards and has a high chance on reaching the next which can be found at $4,356 level. In other hand a break below of $3,245 support is likely to test the diagonal support (channel bottom) which is around $2,900 level.
Be careful while trading!
If you come up with any questions feel free to ask!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Fomos likely lead to a loss.
- Do your homework before investing or trading.
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.