BTC has a very clear Bearish Hidden Divergence pattern on RSI, plus a descending triangle is forming.
Sell NOW, rebuy at support level or using Fibonacci Retracement Levels.
A good rebuy target would be between 27k ~ 25k (Hopefully 20k, then RSI would be oversold and to the moon!)
BTC has a very clear Bearish divergence pattern, both on RSI and Momentum indicators.
Sell NOW, rebuy at support level or using Fibonacci Retracement Levels.
A good rebuy target would be between 45k ~ 43k
Targeting a FIB 78.60% for a bounce back, which matches 3 local highs.
RSI matches last local downs which pivoted back around 38.
Pivot may happen on FIB 23% (BASE MA200), the red area.
The case for a bull swing reversal (1 week):
RSI Low
Yearly support level reached
Momentum going up
Short interest to cover in 2 days
Entry
Current price: (~$74.8)
Stop
Local low (~$74.225)
Target
~MVWAP / Fib 50%
Profit
~$3 USD per share
Risk
1.2%
Risk/Reward Ratio
2.4
