BTCUSD - 1 hr Chart - Bullish Exaggerated Divergence
Updated
Bullish Exaggerated Divergence appears to be forming in the 1 hour chart (white lines).
A double bottom in the price action is also forming.
The same type of bullish divergence is also apparent in the 4 hr chart's MACD histogram.
Like everyone, I'm waiting for a big move, either up or down, to confirm a breakout of the sideways action we're currently seeing.
-A strong move (big daily candle close) and/or break, retest, and hold of the
64K level will make me bullish. Target will be approximately 77K.
-A strong break of the 58K support will make me bearish. Targets would be 53K, then
48K (strong support here).
Have fun and trade safely!
A double bottom in the price action is also forming.
The same type of bullish divergence is also apparent in the 4 hr chart's MACD histogram.
Like everyone, I'm waiting for a big move, either up or down, to confirm a breakout of the sideways action we're currently seeing.
-A strong move (big daily candle close) and/or break, retest, and hold of the
64K level will make me bullish. Target will be approximately 77K.-A strong break of the 58K support will make me bearish. Targets would be 53K, then
48K (strong support here).Have fun and trade safely!
Note
Just to clarify: I'm expecting a little pump from here, then a dump. From a macro perspective, I'm pretty bearish on Bitcoin.
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