BTC: Short Term Potential Long, Bullish Divergence (Aug. 29)

29 ago 2020

Bitcoin is currently playing out a bullish divergence that we have just spotted for the short term play. While we are still medium-term bearish, we think that this short term bullish divergence can be an opportunity for intra-day traders. Remember, this is a potential bounce from the hard drop we had from several days ago we have called for. We are now seeing the smaller picture being painted with the potential RSI bullish divergence!

Entry:
$11,450 - $11,520

Targets:
$11,650 (conservative target)
$11,800 (main target)
$12,000 (hard target)

S/L:
$11,180

Leverage:
Spot
3X Max

Technicals:

1. Lower Low on the price, Lower Low on the RSI = Bullish Divergence.
2. Currently trading ABOVE the parallel channel, so an entry around the immediate trend line can be an opportunity for an entry.