As you can see until 29th June 2018,
BTC kept making newer lows everytime it traced downwards.
But on 11th Aug 2018 it made a higher low for the
first time in 2018 suggesting that bear trend might just be getting over.
Also if you see the rate of drop of BTC has progressively
weakened with each downfall except the...
BTCUSD chart on 4 hour time frame showing bullish and bearish divergences
Chart itself is self explanatory
You can a bullish divergence right now and then a green spike.
We still have to break the blue trendline to break free of the current down trend.
We have a unique scenario here.
There is a bearish divergence as per technical analysis but fundamentals suggest otherwise.
As you can historically whats happening.
Price makes a Lower high but RSI shows a Higher high.
This is bearish divergence.
As soon as it hits the trendline, it pushes the price down.
But fundamentally situation is different now
As we have seen BTC slowly climbing upwards since past 2 weeks. There has been some pullbacks.
Whats happening now is a pullback for the next step forward unless some bad fundamentals pop up
BTC price has formed a higher low on 4hr chart whereas RSI has formed a lower low = follow the orange arrows.
This is a bullish divergence.
Earlier on there was a bearish...
BTC broke the downtrend channel, bull divergence played in our favor.
Next resistence is 6700.
Next support is 6250
A possibility of double bottom
just like the one which we saw in April
Confirmation at breaking the neckline
Still a long way to go for a confirmed reversal
but there are signs of sellers getting exhausted
and losing momentum. Also there is no...
Bull Sign = We can a bullish divergence forming on daily chart.
Next resistance could be 6700 from here
Bear Sign = But that also means it has to break out of the
descending channel which it has been following since 1st
week of may.
Next Support at 5400 followed by 5000
If you compare 2018 downtrend with 2014
You will see some similarities.
How the volatility decreases with every dip followed by the flattening of MACD
and then bull market.
I expect we are approaching bottom and then we will see lot of sideways action
for the next few months but who hold through the night will be able to...
BTC facing some resistance at Kijun Sen or 9100$, also the bottom of kumo cloud
In the past, it has proven to be a strong resistance.
For the last two days price is testing it.
Indecision amongst traders for past 2 days - Pin bars formations
Kumo cloud is thick suggestive of heavy resistance ahead
RSI crossed 60 but now resting on it.
Slight hidden bearish...
BTC broke out of the fallng wedge.
Still inside the downtrend channel.
Will have to watch if it can break this downtrend line.
Next resistance at 9100
Kijun has been rejecting BTC for the last 3 times.
RSI = 60 will be a test too
Decent bounce from trendline , possibility of double bottom formation
Falling wedge pattern
Next resistance at 9100 followed by 11000
Overall trend is still bearish, but its weakening.
Momentum is decreasing
Volume has been in March as compared to Jan n Feb
As you can see, right now BTC is again in the support zone.
Fib levels 0.5 - 0.68 has been major support levels.
Selling pressure usually drops in this zone.
If this support breaks we might see a drop upto 9k
BTC bulls are looking weak today
Price forming lower high wheras stoch showing higher high = Formation of bearish divergence
Doji candlestick formation yesterday.
Expect a pullback to previous support levels.
Strong support at 0.5 to 0.618 fib level