Bitcoin may be establishing a near-term low.
However, for a confirmed reversal signal and to validate a counter-trend rally targeting the 21-week moving average, the market requires bullish confirmation on higher timeframes.
The primary development to monitor is the potential formation of a bullish divergence on the 12-hour and daily charts, characterized by price action forming a double bottom (or even lower lows) pattern coinciding with rising lows on the RSI and MACD indicators.
No significant buying volume yet.
However, for a confirmed reversal signal and to validate a counter-trend rally targeting the 21-week moving average, the market requires bullish confirmation on higher timeframes.
The primary development to monitor is the potential formation of a bullish divergence on the 12-hour and daily charts, characterized by price action forming a double bottom (or even lower lows) pattern coinciding with rising lows on the RSI and MACD indicators.
No significant buying volume yet.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.