Hi dear friends and especially my patrons, in reference to the previous idea:
The price action has successfully broken out the resistance as predicted, but there is a hidden bearish divergence on the 4-hour chart, as the price action of Bitcoin is making lower highs and the RSI oscillator is forming higher highs. Therefore we can expect a pullback to re-test the previous resistance of wedge as support and if the re-test will be successful then after the confirmation the next move will be from $50K to 55K.
The price action has successfully broken out the resistance as predicted, but there is a hidden bearish divergence on the 4-hour chart, as the price action of Bitcoin is making lower highs and the RSI oscillator is forming higher highs. Therefore we can expect a pullback to re-test the previous resistance of wedge as support and if the re-test will be successful then after the confirmation the next move will be from $50K to 55K.
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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.