Bitcoin Likes False Breakouts
BTCUSD likes to confuse traders with its price action. In the green circles, we can see the support break twice before the price shot up to resistance.Once price broke resistance, Bitcoin came down to the support zone and bounced off like a textbook triangle breakout. However, The support zone broke which makes it resistance again. Right now we can see the price falling through support again.
On the 15 min chart, we can spot a bullish divergence on the rsi so it likely the price will bounce off the support area again. As of now, it is unclear whether or not the price is bullish or bearish because of the many false breakouts Bitcoin likes to make. Right now im 55% bullish because of the divergence on the 15 min chart and 45% bearish.
We switch from bullish to neutral for this moment. When the price goes up again to the green support/resistance zone, I will switch back to being bullish. However if the price keeps falling, We have to switch to being bearish at least for the short term.
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