BTCUSD Trade Set Up Bullish Divergence|Double Bottom|The 200 MA
Hello Traders,
Today’s chart will be an update on Bitcoins immediate term, which is quite bullish as we have a double bullish divergence and a recent double bottom. There are key levels to watch for a potential trade set up…
Points to consider,
- Clear double bullish divergence
- Double bottom (Considering Wick)
- Local resistance at $8480 mark
- Structural resistance at $9360
- Stochastics projected upwards
- RSI respecting trend
- EMA’s giving price resistance
- VPVR showing low volume of transactions
- Daily chart still under 200 MA
- Volume well below average
Bitcoin’s immediate term will be very interesting as it can potentially confirm a bull market and or a re-entrance in to a bear market.
Looking at price on the hourly chart shows us a double bullish divergence, where price is making consecutive lower lows whilst the RSI makes higher highs. This is in confluence with the potential double bottom; price tested the green zone twice and bounced, reversing the trend.
Local resistance for bitcoin is a very key level to watch, price has been rejected from this area multiple times. A break from this area will confirm the bullish bias, allowing the bullish divergences and the double bottom to hold true.
Major structural resistance is at the $9362 mark, this is a key technical level to watch due to its significance in the macro structure, a good place to take profits.
The stochastics is currently showing upwards projection, we still have decent room to work with to the upside. RSI is currently respecting its trend, clearly diverging from price in this double bullish divergence.
EMA’s are giving price resistance at current given time, it looks weak as we can see price trading within both EMA’s. The VPVR is quite interesting, we have a lack of volume transacted between the support and resistance segment, a break bullish can be a flush move up due to the lack of resistance in volume being transacted…
Volume itself is well below average, we need to see a clear spike in volume to confirm an immediate direction for Bitcoin. Furthermore we have to keep in mind that Bitcoin has been trading below a key Moving Average, the 200 Daily MA, this is quite bearish at current given time. We need to see it break the 200 Daily MA , otherwise the trade set up will be negated…
What are your thoughts on this trade? Will the bullish technicals hold true? Or will BTC fail to break 200 Daily MA and continue into a bear market?
Please leave a like and comment,
And remember,
In trading, everything works sometimes and nothing works always.”
Today’s chart will be an update on Bitcoins immediate term, which is quite bullish as we have a double bullish divergence and a recent double bottom. There are key levels to watch for a potential trade set up…
Points to consider,
- Clear double bullish divergence
- Double bottom (Considering Wick)
- Local resistance at $8480 mark
- Structural resistance at $9360
- Stochastics projected upwards
- RSI respecting trend
- EMA’s giving price resistance
- VPVR showing low volume of transactions
- Daily chart still under 200 MA
- Volume well below average
Bitcoin’s immediate term will be very interesting as it can potentially confirm a bull market and or a re-entrance in to a bear market.
Looking at price on the hourly chart shows us a double bullish divergence, where price is making consecutive lower lows whilst the RSI makes higher highs. This is in confluence with the potential double bottom; price tested the green zone twice and bounced, reversing the trend.
Local resistance for bitcoin is a very key level to watch, price has been rejected from this area multiple times. A break from this area will confirm the bullish bias, allowing the bullish divergences and the double bottom to hold true.
Major structural resistance is at the $9362 mark, this is a key technical level to watch due to its significance in the macro structure, a good place to take profits.
The stochastics is currently showing upwards projection, we still have decent room to work with to the upside. RSI is currently respecting its trend, clearly diverging from price in this double bullish divergence.
EMA’s are giving price resistance at current given time, it looks weak as we can see price trading within both EMA’s. The VPVR is quite interesting, we have a lack of volume transacted between the support and resistance segment, a break bullish can be a flush move up due to the lack of resistance in volume being transacted…
Volume itself is well below average, we need to see a clear spike in volume to confirm an immediate direction for Bitcoin. Furthermore we have to keep in mind that Bitcoin has been trading below a key Moving Average, the 200 Daily MA, this is quite bearish at current given time. We need to see it break the 200 Daily MA , otherwise the trade set up will be negated…
What are your thoughts on this trade? Will the bullish technicals hold true? Or will BTC fail to break 200 Daily MA and continue into a bear market?
Please leave a like and comment,
And remember,
In trading, everything works sometimes and nothing works always.”
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