Bitcoin - Will it get a Rebound?
Updated
Hello!
In this chart we have some things worth taking a look at.
Prices are trading for the last hours in a descending wedge pattern, and volume has been decreasing, showing us that the selling pressure has slowed down. With that in mind, if we pay attention to the RSI, it is pointing us a bullish divergence that can't be ignored, usually that kind of divergence, if it maintains the trend, we might see some more strength.
We also have the 100 hour Moving Average, if we can get a strong rebound and stay above it, we might trend up for a while, not sure for how long or how high it will go. But, for the short term, we might see a rebound.
The overall trend is still bearish. But, it might be time for a little rebound.
This is not financial advice.
Thanks!
In this chart we have some things worth taking a look at.
Prices are trading for the last hours in a descending wedge pattern, and volume has been decreasing, showing us that the selling pressure has slowed down. With that in mind, if we pay attention to the RSI, it is pointing us a bullish divergence that can't be ignored, usually that kind of divergence, if it maintains the trend, we might see some more strength.
We also have the 100 hour Moving Average, if we can get a strong rebound and stay above it, we might trend up for a while, not sure for how long or how high it will go. But, for the short term, we might see a rebound.
The overall trend is still bearish. But, it might be time for a little rebound.
This is not financial advice.
Thanks!
Note
Hello! Just a quick update.
We are still trading inside the descending wedge, as long as we trade inside it and the indicators respect the conditions stated in the analysis above, we are good.
Still looking for a little rebound.
This is not financial advice.
Thanks!
Note
Note
Hello! Another quick update here.We have broken out of the descending wedge. But, what we have to pay attention to, is volume. There was no volume behind this movement to the upside.
With that in mind, we can't be bullish here, not even for the short term.
But, despite all of this, we still broke to the upside. So, there is no point in thinking that we can't follow up this breakout and still go a little up.
Pay attention to price levels and volume for the next hours.
This is not financial advice.
Thanks!
Note
Final update.We broke out of the descending wedge to the upside, but there was no strong volume to push prices higher. We can also see that we got rejected at the 100 hour MA, and volume just isn't here yet.
Despite all that we can see that maybe the RSI is still inside the trend, and the TD sequential on the hourly chart is on a Red 8, almost on a Red 9, which could lead us to a small rebound for more upside, but not very likely given the conditions stated above.
Now we have to wait and see what are the next signs the market will give us.
That's all for now.
This is not financial advice.
Thanks!
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