BTCUSD Potential Reversal?
Updated
Right Now, BTCUSD is seemingly in the long term bull trend.
On 4H, We see a clear bullish divergence. Though the divergence alone is not a confirmation of a reversal and bull trend continuation, the fact that BTCUSD price is near the major trendline on Daily Chart as suggested in the previous analysis (tradingview.com/chart/BTCUSD/NVydwtro-BTCUSD-Possible-Scenarios/), and piercing the resistance line on H4 combined give enough reason to stay on bullish bias.
Right now, we need to break and retest the resistance line on 4H to get a confirmation.
Regards,
Muzammil Shaikh Bismil
On 4H, We see a clear bullish divergence. Though the divergence alone is not a confirmation of a reversal and bull trend continuation, the fact that BTCUSD price is near the major trendline on Daily Chart as suggested in the previous analysis (tradingview.com/chart/BTCUSD/NVydwtro-BTCUSD-Possible-Scenarios/), and piercing the resistance line on H4 combined give enough reason to stay on bullish bias.
Right now, we need to break and retest the resistance line on 4H to get a confirmation.
Regards,
Muzammil Shaikh Bismil
Note
We are still going sideways. The retest and rejection is still awaited for confirmation.
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