TradingView
AtomicStag2000
Feb 23, 2022 12:24 PM

Bitcoin (BTC) found some grounds for possible reversal?  Long

Bitcoin / TetherUS PERPETUAL CONTRACTBinance

Description



The 1h chart shows us that we might be in for a short term reversal - what we would want to see here is breaking of 40k level, establishing a new higher high in this series of down moves.
RSI here is staying above 50 level and trending higher, MACD has upper momentum still in, but with last candle being rejected it looks like we will pull back - I'm counting on 50EMA to support price action.

As you can see, I marked a bullish divergence on RSI in that last move down. Price found support $36-37k, where I marked my golden pocket Fib retracement. These two created a nice confluence and established the ground for a move up.
As long as we can stay above this level and then continue breaking higher highs, we are in good tracks to find some stronger bullish momentum coming back into crypto markets.
More