4-hour RSI showing bullish divergence after oversold.
Historically this setup has resulted in a short squeeze and significant rally in the subsequent days (or weeks)
Historically this setup has resulted in a short squeeze and significant rally in the subsequent days (or weeks)
Note
The similarities between this current dump and the previous dump from 11.8k -> 6.5k are staggerringNote
Wedge breaking Note
Nice breakout from divergence but we have a possible bearish underpants formation on the 4-hour chart of BTCWhy bearish underpants? Shaped like underpants (haha its a triangle) and often takes a dump :D
Note
I got bearish a bit there and took a short on Bitcoin. However I'm long on many alts including EOS, XLM, BCH. Overall portfolio up. Looks like BTC has broken its downtrend from 7100 and is putting in a floor. 5k scenario averted! (for now)
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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.