- Bitcoin broke out its trend line - The breakout confirmed by the rejection from the SMA 50 - The breakout confirmed by the rejection from the SMA 200 (now!) - The target should be 44K to 48K - Bitcoin daily timeframe has a huge bearish divergence
To be honest, I'm not sure how big this dump could be. The target 48K means it breaks out the daily timeframe SMA 50 line. It could be a really serious dump signal. Also, about the daily timeframe bearish divergence, in my view, it would be a fully healthy market if once the RSI goes to 30 or below. Currently it's merely 45. So, 48K is not enough with no doubt. So, when to buy then? The best signal to buy Bitcoin in these very bearish market, trading 4h timeframe bullish divergence would be nice. Try not to buy or long before you can see a solid bullish divergence on its price chart and RSI.
This is not a financial advice. Take your own research and risk management.
@nevada999, my word is really trivial to the Bitcoin and crypto market. When the market is about to dump, no matter what I say or someone on the Tradingview idea or chat says, the market will dump.
nevada999
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@fumiyaorg, So mean you do not know how the market is working. :)