yarr

Bitcoin - Bullish Divergence + Shorts Taking Profits.

BINANCE:BTCUSDT   Bitcoin / TetherUS
Market update for Bitcoin:

Sentiment is still very bearish 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 bullish signs such as bullish divergence 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 volume to give confident on to the breakout and this makes bullish divergence valid. Keep in mind that bullish divergences are considered one of the strongest leading indicators and statistically has a high number of successful breakouts.

MACD is neutral on the daily timeframe 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 resistance level 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.


DISCLAIMER:
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.

Yarr

Comments

Good analysis. Long time no see Yarr :)
+1 Reply
yarr Hendi6612
@Hendi6612, hehe thanks!
Reply
Thank you for your input Yarr. This is scary times for us new traders and your advice really helps alot!
Reply
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