BTCUSD: Bearish on the 1D timeframe but bullish divergence on 4H

17 apr

Bitcoin is bearish on its 1D technical outlook (RSI = 39.469, MACD = -911.900, ADX = 24.282) but on the 4H timeframe it has posted a bullish divergence on the RSI via a HL trendline, which was present on the last two Lows. Those were not bullish divergencies though as the price was also on HL, which makes today's formation even more bullish. The pattern is a Channel Down so we are now aiming at a new LH on the short term. This was priced previously on the 0.9 Fibonacci level, so our TP = 71,000.


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