#BTC: Bearish Ascending Triangle + Bearish Divergence Coming in.

23 nov. 2023

After a good and strong upward move Bitcoin seems to be in need of some breathing time which is very healthy btw in order to have a strong continuation. On this post I just wanted to pin point that our Stoch showing an overbought zone in addition to the bearish breakout of an ascending triangle on the 2H chart. The repeated rejection of Bitcoin's trail to break upwards can be taken as a confluence in the scenario too showing that buyers are at least for the very short term are getting out of energy. I am looking forward for Bitcoin to retrace towards the support area of $34,000 - $34,400. Further more on higher time frames we are witnessing a bearish divergence occurring.

23 nov. 2023

Note

If in any case the buyers just continue the move they formed on the pullback the market will definitely change its shape and we need to update our bias. For now looking for a confirmation for a reversal from the current resistance line [which is the downward line of the ascending triangle] and enter the market with a stop loss position above the upper trendline of the triangle.

23 nov. 2023

Note

So far so good.