BTC/USD No Confirmation, but I think we retrace

BTC was just rejected again from the critical resistance that it is sitting at.

The two most common indicators that I know of (RSI and MACD) are showing bearish divergence on the 4 hour.

The MACD crossed nicely bearish on the 240 chart.

We haven't broken our small uptrend and backtested it with rejection yet - so there is no confirmation yet. I still think the likelihood of retrace is good, though.

36500ish is support that might hold.

We have a CME gap that is around 32.5k to 34.5k. The 618 is within this range. Good chance we visit that area.

Note

this might be a small ascending triangle, which could push us up another level before dumping, though. So keep that in mind. The market makers love to make this difficult to call one way or another if they can.

Trade active

we've retraced to the trendline so far.

Note

we bounced off of the trendline for now - up to resistance - not a lot of volume at all.

Dawnchorus

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Dawnchorus