Bitcoin has dropped significantly in the past few hours. However, when the price falls that quick, there is likely to be an oversold bounce. In fact, the RSI is displaying bullish divergence and the price has broken out of the parallel channel.
In addition, the high volume might indicate a reversal and the start of a new uptrend, though it wouldn't be a bad idea to take profits along the way.
In addition, the high volume might indicate a reversal and the start of a new uptrend, though it wouldn't be a bad idea to take profits along the way.
Note
Price is starting to level again. When trying to get in the bottom, set the stop tight. You will fail most of the time, but you will have great risk to reward.
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.
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.