BTCUSD - Bitcoin resistance and bullish divergence 20110410
Bitcoin didn't break to the upside according to the previous target but it's still contained between the upward sloping lines of the ascending channel. The price suffered some pressure and broke to the lower part of the channel (below the median line).
However, the chart shows a bullish divergence which demonstrates that bears are losing power and that bulls can be ready to control, confirm the bullish divergence with the price and RSI oscillations in the chart. The price should pass the median line of the ascending channel, approximately around $43,500, to enforce the narrative that the bulls are taking control.
There's some resistance at around $45,600 and $46,900 so the price may struggle to break these levels, something to watch closely.
If the price breaks above $43,500 it can go to around $45,600. If the price doesn't break above $43,500 it can go sideways or to the lower trend line of the ascending channel around $40,000.
However, the chart shows a bullish divergence which demonstrates that bears are losing power and that bulls can be ready to control, confirm the bullish divergence with the price and RSI oscillations in the chart. The price should pass the median line of the ascending channel, approximately around $43,500, to enforce the narrative that the bulls are taking control.
There's some resistance at around $45,600 and $46,900 so the price may struggle to break these levels, something to watch closely.
If the price breaks above $43,500 it can go to around $45,600. If the price doesn't break above $43,500 it can go sideways or to the lower trend line of the ascending channel around $40,000.
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