Hi guys,
Sorry for not posting yesterday.
We again saw that classic bullish divergence via the relative strength index again, I've marked it with arrows.
This again results in a break higher starting around 23:00pm last night topping out around 35.5k at 9:00am this morning UK time.
I feel like the price is potentially going to break out the high at 35.5k but soon after retrace and continue the descent down to the 28k areas come next week.
If the bearish pressure is strong the BTC price doesn't have to create a new high like my forecast, we could see a straight drop from here looking to target the lower trendline of this premature descending channel by early next week.
Could see a potential liquidity pool if the high gets broken out as retail traders will look at this as a long opportunity with their stops below the previous low. The stop losses of those traders would then give some liquidity for downside as when those stop losses get hit those traders are basically selling back their long positions pushing the price lower.
Sorry for not posting yesterday.
We again saw that classic bullish divergence via the relative strength index again, I've marked it with arrows.
This again results in a break higher starting around 23:00pm last night topping out around 35.5k at 9:00am this morning UK time.
I feel like the price is potentially going to break out the high at 35.5k but soon after retrace and continue the descent down to the 28k areas come next week.
If the bearish pressure is strong the BTC price doesn't have to create a new high like my forecast, we could see a straight drop from here looking to target the lower trendline of this premature descending channel by early next week.
Could see a potential liquidity pool if the high gets broken out as retail traders will look at this as a long opportunity with their stops below the previous low. The stop losses of those traders would then give some liquidity for downside as when those stop losses get hit those traders are basically selling back their long positions pushing the price lower.