Watching closely as we head into Monday, this is a probable outcome before any more strong selling.
Liquidity needs to be sparked again so it can be taken, and the trend can continue.
The reason for the bounce is the RSI Divergence.
To further support this analysis, BTC just closed its worst Monthly Candle on record:
As well as a decoupling of BTC/USD which has only happened 2 times before:
Invalidation would be a break above the Bearish Trend (Dashed Line)
Resistance:
~$41,500
~$43,000
Support:
~$37,500
Liquidity needs to be sparked again so it can be taken, and the trend can continue.
The reason for the bounce is the RSI Divergence.
To further support this analysis, BTC just closed its worst Monthly Candle on record:
As well as a decoupling of BTC/USD which has only happened 2 times before:
Invalidation would be a break above the Bearish Trend (Dashed Line)
Resistance:
~$41,500
~$43,000
Support:
~$37,500
Note
Here is an alternate perspective:
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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.
Related publications
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.