Short term divergences developed on 12 and 4hr charts.
Overall bearish weekly structure is concerning. Should the rally break 8k+ this would ease investor concerns which currently look like a slow downward bottoming.
7800 - 8000 - 8600 key levels to watch during rally.
OOOOOOk, Sorry to those who have been asking for an update for a while - time has been short. XP
Following the fall from 10k we can see the daily bear divergence has resulted in a test of our 61.8 fib levels and we are now forming a nice descending wedge which has the potential to take us back to our equilibrium levels around 9200.
Note the nice confluence on...
Congrats to Bulls, BTC exceeding expectations and performing rather well in May.
What are we in for.
Well we potentially saw a buy back zone of 9760 and a retest of our major retracement level of 61.8 from FEB which appears to have resisted a potential H&S formation.
Its not surprising that we saw visit back this region before continuing onwards to our target...
Congrats to the bulls grinding out a nice Bull divergence on the weekly chart which is now allowing me look for some reasonable entries long term.
Daily charts are still overheated and bearish. A retracement to make a new daily low of 7500 would not be outlandish and could be healthy moving forward. Breaking the 7500 mark would be display market weakness and...