Unfortunately, BTC was unable to close above 6500 yesterday and revisited the trendline indicated in blue. This retracement is fortunately above the 6450 level, and hopefully, it will remain above there - no need for panic yet.
Indicators show a hidden bullish divergence, which can be a sign for a normal retracement. Retracement is also close to the 0.618 based on the previous higher low, so this could be a second chance to enter the market before a decent rally to 7000 begins. Also, both the 50 and 100 MA are about to cross, and signal a long opportunity.
Now I do always spot hidden divergences after normal divergences have occurred, so please take caution with this indicator. Should you take the trade, make sure to place a tight market stop under an appropriate level with appropriate risk/money management.
Indicators show a hidden bullish divergence, which can be a sign for a normal retracement. Retracement is also close to the 0.618 based on the previous higher low, so this could be a second chance to enter the market before a decent rally to 7000 begins. Also, both the 50 and 100 MA are about to cross, and signal a long opportunity.
Now I do always spot hidden divergences after normal divergences have occurred, so please take caution with this indicator. Should you take the trade, make sure to place a tight market stop under an appropriate level with appropriate risk/money management.
Trade closed: stop reached:
Bulls didn't manage to breach 6500 again, big dump followed