Short update on Bitcoin: Divergences and the Bearish Channel

in bitcoin •  6 years ago 

Bitcoin's daily chart:

  • if we're staying in this descending channel, the next bottom is scheduled to be at around 5400$, although this might not happen anymore
  • we have again a bearish Tenkan cross (blue below red)
  • there's also a hidden bullish RSI divergence the RSI is not confirming the price action; the price indicates a double bottom and the RSI a lower low (green dotted)
  • we might see a bounce from here, as the result of the double bottom

Click here to enlarge the image

bitcoin hidden bullish divergence.png

Bitcoin's 4h chart:

  • we found a strong resistance at the 6400$ level, the 0.236 fibonacci retracement from the last run. We had attempts to break it, but didn't succeeded
  • a bullish RSI divergence can be seen here too, more prominent than the daily chart

Click here to enlarge the image

bitcoin 4h retracement.png

steem --- line.png

Thanks for reading and safe trading!

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