Bitcoin is slightly overbought right now, which can
be seen in the break above the cloud with the
projected cloud still bearish. After creating a double
top just above 60K price has moved down in two waves
to retest the lower cloud support, as well as the
200 SMA and almost reaching the 50% Fib of the
recent leg up. The current bounce was clearly
announced by a bullish divergence on the MACD
M15 chart (which is typical for BTCUSD in this
bull trend.)
If price holds above or inside the cloud awaiting a
bullish projected cloud twist, we will see more
upside and likely a test of previous highs. The target
of the falling channel/Flag is still in play with a
target around 69K.
Only a break and hold below the Cloud on this
H4 timeframe, will negate this bullish scenario
and we might see a deeper correction towards the
61,8 Fib up current up leg @ 54 100.
be seen in the break above the cloud with the
projected cloud still bearish. After creating a double
top just above 60K price has moved down in two waves
to retest the lower cloud support, as well as the
200 SMA and almost reaching the 50% Fib of the
recent leg up. The current bounce was clearly
announced by a bullish divergence on the MACD
M15 chart (which is typical for BTCUSD in this
bull trend.)
If price holds above or inside the cloud awaiting a
bullish projected cloud twist, we will see more
upside and likely a test of previous highs. The target
of the falling channel/Flag is still in play with a
target around 69K.
Only a break and hold below the Cloud on this
H4 timeframe, will negate this bullish scenario
and we might see a deeper correction towards the
61,8 Fib up current up leg @ 54 100.
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.
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.