BITCOIN: Bullish On Monthly Timeframe
Here's an analysis on BTC/USD on a monthly time-frame which provides an observation of BTC experiencing an uptrend over the long term as it keeps carving Higher Lows (HL) in price while the indicators create Lower Lows (LL) signalling a Hidden Bullish Divergence.
Hidden divergence is different from regular divergence due to the location of the pattern. Hidden Divergence tends to occur within an existing trend and it signals the end of a consolidation phase within the larger trend. Now, if talking about our current scenario with BTC, we must take the emergence of the Hidden Divergence sincerely as it is detected on a monthly time-frame (a longer term horizon) with not one, but three different momentum indicators (RSI, Stochastic RSI, Chaikin Oscillator) aligned together indicating the underlying strength and the relatively close rally in the coming months.
As a result of this objective analysis, we can conclude that a bullish biassed price development is quite likely in the near future. Don't forget to DYOR (do your own research). Feel free to share your thoughts in the comment section below.
Hidden divergence is different from regular divergence due to the location of the pattern. Hidden Divergence tends to occur within an existing trend and it signals the end of a consolidation phase within the larger trend. Now, if talking about our current scenario with BTC, we must take the emergence of the Hidden Divergence sincerely as it is detected on a monthly time-frame (a longer term horizon) with not one, but three different momentum indicators (RSI, Stochastic RSI, Chaikin Oscillator) aligned together indicating the underlying strength and the relatively close rally in the coming months.
As a result of this objective analysis, we can conclude that a bullish biassed price development is quite likely in the near future. Don't forget to DYOR (do your own research). Feel free to share your thoughts in the comment section below.
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