BTC/USD - To buy or not to buy. Mixed messages confuses traders.
Here we have Bitcoin sending us in two separate directions:
1. Bullish case:
We have a beautiful bullish divergence on RSI, indicating we should break out of this descending resistance and at least re-test 52k.
We formed a W pattern on MACD and now we should go higher... bullish.
Decreasing volume on this correction indicates the sellers may show signs of exhaustion as who wanted to sell did it already.
2. Bearish case:
This is more prevalent on higher timeframes, like daily, where MACD still has a lot of room to drop. Reason why, we may eventually re-test 40k where we have good support.
However RSI is curving on daily and if on lower timeframes we break the resistance at 47k, we may have a nice push higher soon.
My bias remains neutral, do not enter a trade now. Let price break resistance or local support before deciding. We should get clarity within the next few 4h candles.
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1. Bullish case:
We have a beautiful bullish divergence on RSI, indicating we should break out of this descending resistance and at least re-test 52k.
We formed a W pattern on MACD and now we should go higher... bullish.
Decreasing volume on this correction indicates the sellers may show signs of exhaustion as who wanted to sell did it already.
2. Bearish case:
This is more prevalent on higher timeframes, like daily, where MACD still has a lot of room to drop. Reason why, we may eventually re-test 40k where we have good support.
However RSI is curving on daily and if on lower timeframes we break the resistance at 47k, we may have a nice push higher soon.
My bias remains neutral, do not enter a trade now. Let price break resistance or local support before deciding. We should get clarity within the next few 4h candles.
Like and follow if you liked this idea! Also join my crypto community to stay in touch and watch my technical analysis videos on YouTube. :)
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