BTC trying to push slightly more and first divergence on momentum seen.
BTC bounced above daily trend and what we are seeing is somewhat positive. A strong break to the upside towards 1st stop @46500 is possible and would still not invalidate the downward trend. The upside and risk-reward here on any long trade is small. I would prefer to take profits and build a hedge here.
I'll keep an eye on the SP500 this week as it seems to be giving the tempo.
Hence, I would not exclude a retest of previous levels to confirm weekly structure and get a bit of liquidity below key support levels @ 35350. This would give the SP500 a chance to get back into RLZ and confirm strong reversal pattern too.
BTC bounced above daily trend and what we are seeing is somewhat positive. A strong break to the upside towards 1st stop @46500 is possible and would still not invalidate the downward trend. The upside and risk-reward here on any long trade is small. I would prefer to take profits and build a hedge here.
I'll keep an eye on the SP500 this week as it seems to be giving the tempo.
Hence, I would not exclude a retest of previous levels to confirm weekly structure and get a bit of liquidity below key support levels @ 35350. This would give the SP500 a chance to get back into RLZ and confirm strong reversal pattern too.
