Bitcoin set to bounce higher from range lows
BTC has traded within the 29.7k-31.5k range for almost a month now. Until the range is broken, traders can look to long the lows and short the highs.
The RSI formed a hidden bearish divergence with the price as it made a higher high while the price made a lower high within the past two days, suggesting a continuation southward was likely. The OBV also favored the sellers. Yet, the range formation can be assumed to be in play until breached.
Entry: 29.7k-29.9k
Take-profit: 31.5k (although the mid-range at 30.6k can also be used)
Stop-loss: 29.5k (further losses below the 29.5k would invalidate the idea)
The RSI formed a hidden bearish divergence with the price as it made a higher high while the price made a lower high within the past two days, suggesting a continuation southward was likely. The OBV also favored the sellers. Yet, the range formation can be assumed to be in play until breached.
Entry: 29.7k-29.9k
Take-profit: 31.5k (although the mid-range at 30.6k can also be used)
Stop-loss: 29.5k (further losses below the 29.5k would invalidate the idea)
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