Weekly Chart:
The bearish divergence with false breakouts around Nov 21st 2021 is still at play.
Went down through support at 46k ish and testing 40k now.
Stuff on weekly chart takes a while to fizzle out, especially a bearish divergence.
But bottoms take less time to build than tops, so maybe this is it.
It needs to be able to close above -1 ATR channel line soon, otherwise lower prices more likely.
Daily Chart:
Bullish divergences formed, by taking out 42333, and MACD and other indicators are less bearish .
Not a high quality divergence, but still a bullish divergence , often the start of a trend change.
If lower prices are in the near future, this bullish divergence should dissolve and not confirm a false breakdown of 42333.
It is already limping, so it won't take much weakness for the likelihood of 42333 not being a false breakdown.
Next support is 35k, in case 40k cannot hold.
Trade safe!
The bearish divergence with false breakouts around Nov 21st 2021 is still at play.
Went down through support at 46k ish and testing 40k now.
Stuff on weekly chart takes a while to fizzle out, especially a bearish divergence.
But bottoms take less time to build than tops, so maybe this is it.
It needs to be able to close above -1 ATR channel line soon, otherwise lower prices more likely.
Daily Chart:
Bullish divergences formed, by taking out 42333, and MACD and other indicators are less bearish .
Not a high quality divergence, but still a bullish divergence , often the start of a trend change.
If lower prices are in the near future, this bullish divergence should dissolve and not confirm a false breakdown of 42333.
It is already limping, so it won't take much weakness for the likelihood of 42333 not being a false breakdown.
Next support is 35k, in case 40k cannot hold.
Trade safe!
Note
Let's see if it confirms 42333 being support and the last few days was a false breakdown of support. The bullish divergence is not of high quality anymore due to the last 2 days.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.