Bitcoin Bullish RSI Divergence on 15MIN Enough to Reverse Bear?
Hi guys, this is OG back with another Bitcoin update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Today's post will focus on the micro 15Min Timeframe. After rallying from 31K to 41K, price attempted to break higher but got rejected at the 41K level. In formed a classic false breakout setup where price closed above the resistance level of 41K, and then immediately reverses and closes below the resistance level, trapping breakout traders. Since that rejection, price has moved down about $3000.
Price just formed a bullish RSI divergence on the 15Min TF, whereby while price made a lower low, RSI made a higher low, followed by a large body bullish candle. This typically indicates that the immediate bearish momentum is taking a break and price will likely move sideways or slightly up in the immediate term. That said, if the swing low of the lower low fails to hold, then the RSI bullish divergence would have been a fakeout to trap bottom-buyers, which means that price will likely move lower. Therefore the 38.5K level is very important, as if that level breaks, we are likely to see continued bearish momentum, so do keep an eye out for price action at that level.
Check out my technical analysis video for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Today's post will focus on the micro 15Min Timeframe. After rallying from 31K to 41K, price attempted to break higher but got rejected at the 41K level. In formed a classic false breakout setup where price closed above the resistance level of 41K, and then immediately reverses and closes below the resistance level, trapping breakout traders. Since that rejection, price has moved down about $3000.
Price just formed a bullish RSI divergence on the 15Min TF, whereby while price made a lower low, RSI made a higher low, followed by a large body bullish candle. This typically indicates that the immediate bearish momentum is taking a break and price will likely move sideways or slightly up in the immediate term. That said, if the swing low of the lower low fails to hold, then the RSI bullish divergence would have been a fakeout to trap bottom-buyers, which means that price will likely move lower. Therefore the 38.5K level is very important, as if that level breaks, we are likely to see continued bearish momentum, so do keep an eye out for price action at that level.
Check out my technical analysis video for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
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