BitcoinShort
BTC - Bear Divergence Forming, Looking a the Daily, RSI Oversold
Hi y'all, would love your feedback! on this idea.
We have a fairly significant bear Divergence forming on the BTC with the RSI entering back into oversold territory.
If we look back to Jan of this year we can see a similar pattern that formed. This previous bear div gave us a -22% +/- pullback. I will be interested to see if we have the same reaction this month if this current bear div plays out.
If we do pull back from our current level (40K =/-), we could see a retracement to 35K and then ultimately 30K. This would achie a similar size retracement to our Jan 23 pullback.
Note: The 35K level coincides with strong daily and monthly horizontal support as well as a .382 fib pulled from a presumed 40k local high. The 30K level coincides with strong daily and monthly horizontal support as well as a fib GP pulled from a presumed 40k local high.
All this being said I believe we can still see a bit more upside locally before we pullback. This is primarily because we still have a very thick money flow on MBC indicator, and the RSI is just now entering oversold territory again.
We have a fairly significant bear Divergence forming on the BTC with the RSI entering back into oversold territory.
If we look back to Jan of this year we can see a similar pattern that formed. This previous bear div gave us a -22% +/- pullback. I will be interested to see if we have the same reaction this month if this current bear div plays out.
If we do pull back from our current level (40K =/-), we could see a retracement to 35K and then ultimately 30K. This would achie a similar size retracement to our Jan 23 pullback.
Note: The 35K level coincides with strong daily and monthly horizontal support as well as a .382 fib pulled from a presumed 40k local high. The 30K level coincides with strong daily and monthly horizontal support as well as a fib GP pulled from a presumed 40k local high.
All this being said I believe we can still see a bit more upside locally before we pullback. This is primarily because we still have a very thick money flow on MBC indicator, and the RSI is just now entering oversold territory again.
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