BTCUSD Bullish CCI Divergence on the 4H Chart
Updated
Looking at the 4H BTCUSD Chart on Bitfinex, there is a very strong bullish divergence of Price vs. CCI. The Divergence lasted for 5 consecutive Candles.
To confirm this bullish signal, we check the RSI - it was strongly oversold and is rising now. RSI entered the oversold area around the time, where the CCI Divergence showed up on the chart. While RSI was rising again, Price was still dropping - we do have also a bullish RSI Divergence.
Another confirmation for the signal is that MACD crossed up the Signal-line a few hours ago.
Profit target is the price level just before the latest price-drop occured. This is also the level of the weekly Pivot at around 6468.
To confirm this bullish signal, we check the RSI - it was strongly oversold and is rising now. RSI entered the oversold area around the time, where the CCI Divergence showed up on the chart. While RSI was rising again, Price was still dropping - we do have also a bullish RSI Divergence.
Another confirmation for the signal is that MACD crossed up the Signal-line a few hours ago.
Profit target is the price level just before the latest price-drop occured. This is also the level of the weekly Pivot at around 6468.
Note
This one went in the wrong direction, but another bullish divergence has formed.Profit target might be the new weekly pivot.
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