BTC rejection from weekly resistance
Hello traders .
in the daily time BTC changed the overall trend into the bullish ; but the question is , retracement is coming for bitcoin or not? let's found it in the chart :
as you can see in the daily time frame , BTC got rejected from the strong weekly resistance around 41.4k$ ( red box) , and also BTC price looks bullish but price haven't sufficient volume to count this move as a strong bullish movement ; so maybe BTC price try to reverse back to retest previous resistance which is turned into the support (blue box) now at 36k , also 21ema now is around 36k level so its very probable to see some retracement to blue daily support .
let's talk about RSI : in the RSI is very clear that we have trend line which is already broken ; and now RSI reach over bought level so its very possible actually to got rejected from 70 level and comes back around 50 or ( 40 level maybe).
in the 4H chart:
we can see BTC have bearish divergence between RSI and price and this means there is more likely to see some correction to the daily support ( blue box) ; and maybe comes lower to filed CME gap if price can't hold the daily support.
in the daily time BTC changed the overall trend into the bullish ; but the question is , retracement is coming for bitcoin or not? let's found it in the chart :
as you can see in the daily time frame , BTC got rejected from the strong weekly resistance around 41.4k$ ( red box) , and also BTC price looks bullish but price haven't sufficient volume to count this move as a strong bullish movement ; so maybe BTC price try to reverse back to retest previous resistance which is turned into the support (blue box) now at 36k , also 21ema now is around 36k level so its very probable to see some retracement to blue daily support .
let's talk about RSI : in the RSI is very clear that we have trend line which is already broken ; and now RSI reach over bought level so its very possible actually to got rejected from 70 level and comes back around 50 or ( 40 level maybe).
in the 4H chart:
we can see BTC have bearish divergence between RSI and price and this means there is more likely to see some correction to the daily support ( blue box) ; and maybe comes lower to filed CME gap if price can't hold the daily support.
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