BTCUSD; Possible positive divergence
Bears again provided a lower high within the bearchannel causing a move toward the low end of this bearchannel in this news-driven market.
The low end is seen around 5550 which together with 5400 sees the better support zone should value be created below 6000. The latter is still not broken significantly. The only positive thing for now is the RSI indicator; this has not confirmed this lower low yet. Note that the previous bottom was also helped by a positively diverging RSI indicator (arrows) but for now a bullish candlestick pattern is not seen yet.
Bulls need a change in the lower high/lower low pattern, i.e. a move above the latest lower high (6850) to see technical improvement.
In short; if market remains below 6000 for longer while and sub-6000 prices are exepted a 5550/5400 test may result; 6700 is a candidate for a lower high. Above 6850 the picture improves.
The low end is seen around 5550 which together with 5400 sees the better support zone should value be created below 6000. The latter is still not broken significantly. The only positive thing for now is the RSI indicator; this has not confirmed this lower low yet. Note that the previous bottom was also helped by a positively diverging RSI indicator (arrows) but for now a bullish candlestick pattern is not seen yet.
Bulls need a change in the lower high/lower low pattern, i.e. a move above the latest lower high (6850) to see technical improvement.
In short; if market remains below 6000 for longer while and sub-6000 prices are exepted a 5550/5400 test may result; 6700 is a candidate for a lower high. Above 6850 the picture improves.
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