Bitcoin's daily chart is showing potential bullish divergence, a key signal for a possible reversal. We still need a clear upward elbow on RSI with a higher low and for price to close at a lower low to fully confirm the divergence.
The 200-day moving average was tested and is currently acting as support, reinforcing its importance as a key level. The recent rejection at $94,990 confirms this as a strong resistance zone.
The failure to hold above $91,270 suggests that Bitcoin still has work to do before confirming a full recovery.
For bulls, the next key objective is reclaiming $91,270 and flipping it back into support, which would strengthen the case for another retest of $94,990. If Bitcoin fails to hold the 200-day MA, another major dip is likely.
Overall, bullish divergence is forming, but confirmation is needed. The 200-day MA is critical, and price action over the next few days will determine if Bitcoin can resume its uptrend or if further downside is in store.
The 200-day moving average was tested and is currently acting as support, reinforcing its importance as a key level. The recent rejection at $94,990 confirms this as a strong resistance zone.
The failure to hold above $91,270 suggests that Bitcoin still has work to do before confirming a full recovery.
For bulls, the next key objective is reclaiming $91,270 and flipping it back into support, which would strengthen the case for another retest of $94,990. If Bitcoin fails to hold the 200-day MA, another major dip is likely.
Overall, bullish divergence is forming, but confirmation is needed. The 200-day MA is critical, and price action over the next few days will determine if Bitcoin can resume its uptrend or if further downside is in store.
scott.melker@texaswestcapital.com
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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.
scott.melker@texaswestcapital.com
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.