Hello there guys, so it looks like we are going to have at least a minor bull move for Bitcoin at least back up until the major falling trend-line (red dotted line on my chart), but do we look Bullish for the longer term?
The quick answer, in my opinion, is no. Obviously I believe we are still below the falling trend-line and therefore still in the down-trending channel. I do believe that we need to convincingly go above that 11.6k resistance area in order to really be out of the overall bearish trend.
So, why do I believe a minor move up is in store for Bitcoin? Well as you can see in the chart below we have Bullish Divergence based on price posting a slightly higher low, while the RSI posted a much lower low. As I said, I don't know whether this potential up move will end up breaking the overall down-trend. We really need to wait for a break above that key 11.6k area. Here is my analysis summed up:
Thank you for reading guys and let me know what you think! Have a great day!
Update: Bitcoin said fuck the RSI Bullish Divergence lol! Here is a double top pattern:
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.