Comp vs USD on Golden ratio

*disclaimer* I don’t keep a position in this project so please do your own research. If you’d like updates on this TA, just leave a message below!

Following a healthy market correction of almost 50% price action finds support on the golden ratio (0.786).

Facts of the 1-day chart:

1) Stochastic RSI is oversold and indicating an increase in momentum. Bullish divergence is now visible on the 8hr chart (below), which complements the daily chart very nicely.

2) MFI resistance is broken just as before following an oversold period = bullish

3) The 1-day Bitcoin chart (bottom)is also showing healthy retracement with support on the golden ratio.

4) It is interesting with point (3) that price action now finds support on previous price action resistance (Orange line).

Good luck!



8hr USD chart

1-day Bitcoin chart

Comment:

Nice double bottom divergence with Stochastic RSI crossing up 80. For confirmation of divergence and your tolerance to risk, wait until price action finds support around $160

Comment:

Looking very bearish... might be swing trade trade opportunity.

Trade active:

Nice clean breakout from bull flag - should take price action to $826