Take the lines with a grain of salt. Fitting them to an exact time frame is nearly impossible. More or less, you're looking for the pattern. As you can see, we did wick up into that resistance area previous marked 23.7-24k and was immediately pushed down to it's current range. For it to look completely bearish, it has to break that 22.2k-22.3k line, retest and fail. So far, any time that's it's entered the 22.3k-22.5k range, it's immediately bought up as support.
I moved down to the 2 hr time frame to see if the bearish divergence continued to build (typically like the 4 hr), and it continue to look weak. Higher prices, lower MACD. I believe the MACD signal will eventually cross the neutral line and initiate a decline in price. There are several ranges that BTC gapped up, so I lean more towards a stair step down decline rather than a free fall to fill orders at these levels.
We continue to watch the paint dry.
I moved down to the 2 hr time frame to see if the bearish divergence continued to build (typically like the 4 hr), and it continue to look weak. Higher prices, lower MACD. I believe the MACD signal will eventually cross the neutral line and initiate a decline in price. There are several ranges that BTC gapped up, so I lean more towards a stair step down decline rather than a free fall to fill orders at these levels.
We continue to watch the paint dry.
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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.