BTCUSD - Bearish Divergences may be Signaling a Pullback
Updated
Note: Don't trade based on my ideas. They're worth exactly what you paid for them. I'm fairly new to this, and my charts are for my own entertainment, education, and record keeping.
My support/resistance zones are indicated by horizontal orange lines.
-Price is getting rejected by the ~50K strong resistance level.
-Strong bearish divergence has been forming on the 4 hour chart's MACD since July 26 (not shown on this chart... go see for yourself on your own chart).
-Strong bearish divergence has been forming on the 1 day chart's RVGI since July 31 (yellow lines on this chart).
-This type of divergence signals a potential price trend reversal.
-Fib retracement on the daily chart, pulled from July 20 low to August 23 high, indicates price may reverse back to the 37K to 40K range.
-The Wyckoff Trend Tracking Oscillator is indicating that this little bull run may be almost out of gas.
Good luck and have fun!
My support/resistance zones are indicated by horizontal orange lines.
-Price is getting rejected by the ~50K strong resistance level.
-Strong bearish divergence has been forming on the 4 hour chart's MACD since July 26 (not shown on this chart... go see for yourself on your own chart).
-Strong bearish divergence has been forming on the 1 day chart's RVGI since July 31 (yellow lines on this chart).
-This type of divergence signals a potential price trend reversal.
-Fib retracement on the daily chart, pulled from July 20 low to August 23 high, indicates price may reverse back to the 37K to 40K range.
-The Wyckoff Trend Tracking Oscillator is indicating that this little bull run may be almost out of gas.
Good luck and have fun!
Note
-Some Hidden Bullish Divergence is on the 30 minute chart. Over time, this can start showing up in the bigger time frames, so it's worth watching.
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