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 divergence which was suggestive of a correction.
Ichimuko TA
As you can see, price is resting at the bottom of kumo cloud
Price bounced off 0.5 fib support level.
It can test the 6750$ mark again which has been acting as a resistance for a while now
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 divergence which was suggestive of a correction.
Ichimuko TA
As you can see, price is resting at the bottom of kumo cloud
Price bounced off 0.5 fib support level.
It can test the 6750$ mark again which has been acting as a resistance for a while now
Comment:
Daily chart
1 day chart is not as positive.
Yesterday we saw a very strong bearish candle.
Sellers had a very strong day but it still closed above the support.
Horizontal blue lines are support n resistances.
on oscillator we see it making a higher high whereas price made a lower high
A bearish divergence was clear.
Have to see todays candle before making the next call.
Anyone taking up a long here should have a tight stop loss just below the support.
1 day chart is not as positive.
Yesterday we saw a very strong bearish candle.
Sellers had a very strong day but it still closed above the support.
Horizontal blue lines are support n resistances.
on oscillator we see it making a higher high whereas price made a lower high
A bearish divergence was clear.
Have to see todays candle before making the next call.
Anyone taking up a long here should have a tight stop loss just below the support.
Comment:
As you can see here, the body of candles are still closing above or at the cloud with occasional wicks falling beneath it. So 4 hr chart is looking positive.