BTC Update
Yesterday's session ended with a candlestick in the form of a hanging candlestick, which is most often a bearish sign. Since the beginning of the session, the BTC has dropped from 8800 to a low of 8600 and is now trading around 8700.
The daily technical situation, although heavily overbought, has still not given a sell signal. The 4h horizon is down and a bearish divergence is visible on between the MACD and prices. The 1h indicators show signs of bullish curvature.
What can be done?
The trend follower remains bullish on the 3 different time horizons but the technical situation on the timeframe above indicates that a retracement towards the 8300 zone seems more and more likely.
So a short position can be opened to aim for a return to this zone but keep in mind that the bias remains bullish. For others, wait for the return to support before buying.
Yesterday's session ended with a candlestick in the form of a hanging candlestick, which is most often a bearish sign. Since the beginning of the session, the BTC has dropped from 8800 to a low of 8600 and is now trading around 8700.
The daily technical situation, although heavily overbought, has still not given a sell signal. The 4h horizon is down and a bearish divergence is visible on between the MACD and prices. The 1h indicators show signs of bullish curvature.
What can be done?
The trend follower remains bullish on the 3 different time horizons but the technical situation on the timeframe above indicates that a retracement towards the 8300 zone seems more and more likely.
So a short position can be opened to aim for a return to this zone but keep in mind that the bias remains bullish. For others, wait for the return to support before buying.
