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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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.