BTC Bearish Divergence 4hr Fib and Support Levels
Updated
BTC price made new all time high while RSI failed to make a higher high. We will see BTC fall back. I have charted fib levels along with support/resistance lines where we should see price action. If BTC breaks any of the lines you will most likely see it fall back to the next one unless there is news. Profit taking should occur at all levels until we get a reversal signal.
I apologize for the double idea, I have made this one a 4 hour chart so it can better be followed as only the first chart in an idea can be viewed live.
I apologize for the double idea, I have made this one a 4 hour chart so it can better be followed as only the first chart in an idea can be viewed live.
Note
I got a wild hair this morning and decided to overlay 24 hour 5 min charts for btcusdt and bchusdt. What I found is that in the last 24 hours they are nearly polar opposites. Which led me to more thinking... Do I think this means bch can replace btc? Absolutely not, BUT... Typically when btc falls we sell to tether and wait for the reversal while maintaining usd... Well if things continue they way they have been the last 24 hours or so... we can sell to bch and GAIN value selling back on reversal for even more profit.. rinse and repeat. I created a comparison chart then decided it looked better compared against btc's RSI... so here it is. another btc chart with bch price in relation to btc RSI.Note
Here is a bchbtc chart with btc price on bch's RSI. If you will look you'll see that when btc price crosses under the bch rsi, bch spikes. So if history repeats itself we should see a spike happening the next couple candles as they are about to cross again.Note
Calling top on BCH... Looks like BTC having a correction. Good time take profit back to tether until we can find a reversal.Note
BTC currently oversold and on support... Going to watch it. If it falls anymore ill take profit, Im thinking we shoooould see a bounce though. Going to hold for now...Note
BTC went bullish divergence... if we get a hammer on 4 candles we may see a reversalNote
Here it is comfirmed by 1 hr dmi as well... if you will notice looking at the history there are reversals whenever rsi cctbbo and dmi all reach bottom congruently though some reversals not completely significantNote
nice btc bounce... this time weve formed 1hr candle bullish divergence on btc should be a bigger bounce this time bad news for bch... also bch formed bearish divergence on 5 min candles.... looks like tables might turn
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