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Reasons: - Price made breakout of Triangle - Price has made pullback to bottom part of Triangle and continue to fall - Support Level 8680$ - If price will break support level and 1H candle close below this level, then we can open position - Always do your own research
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Commentaire
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Price still accumulate above support line, we need time to wait
Hope you are doing well dear friend .
I think there will be a strong short term reversal. There is a big bullish divergence which just showed up with recent fall. Bullish Divergence is evident on 30min chart all the way up to 12 hr+ charts .
I'm relatively new to TA and have been lurking on Trading View for just a bit, but if I'm not mistaken (which I might be) are we seeing a bullish RSI divergence on the 4h chart right now? How do you feel that will play out in the context of your chart?
Maylag
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@mhaus2007, My 2 cents on the matter - My chart has for a consolidation pattern a falling wedge on the daily time frame. We are currently bouncing from support to resistance as we get closer and closer to the apex of the pattern. There is indeed a bullish-ish divergence on some time frames. Since we are currently closer to the support line of the wedge, I think ( if anything were to happen) the bullish divergence could push prices towards the resistance and retest it. I dont think this will be a huge upsurge seeing as the price range between support and resistance is very limited. Bitcoin's price may vary by 200 USD ( give or take ) from 8750 mark. I expect a huge breakout in the near future though (decreasing volume is a nice indicator of future big moves). With that in mind let's see how it plays out.
I think there will be a strong short term reversal. There is a big bullish divergence which just showed up with recent fall. Bullish Divergence is evident on 30min chart all the way up to 12 hr+ charts .