Bitcoin:
- Supported from Weekly, Daily & 4 hourly Symmetrical Triangle's Support.
Now, getting resistance from $49700 is daily wedge resistance.
S/R levels are marked on the chart from where the price can get the rejection. I'll look at $49700, $53000, and $60000 personally as strong levels.
Divergence: Bullish Divergences (Higher highs in RSI while Lower Lows in price action) in a majority of the timeframe with a "yet" unconfirmed long-hidden bullish divergence (Higher low in price action and lower low in RSI) in Daily. Well, RSI is breaking out from its trend.
Unless we break $50000 and close a daily above $53000, BTC is still in the bearish trend. A rejection from $49700 can take it to again testing $44000 levels. Also, we still haven't seen a retest confirmation of the 4h hourly wedge breakout. It's pending.
+ Volume is more adequate. So, stay cautious. Thanks.
Muneeb
- Supported from Weekly, Daily & 4 hourly Symmetrical Triangle's Support.
Now, getting resistance from $49700 is daily wedge resistance.
S/R levels are marked on the chart from where the price can get the rejection. I'll look at $49700, $53000, and $60000 personally as strong levels.
Divergence: Bullish Divergences (Higher highs in RSI while Lower Lows in price action) in a majority of the timeframe with a "yet" unconfirmed long-hidden bullish divergence (Higher low in price action and lower low in RSI) in Daily. Well, RSI is breaking out from its trend.
Unless we break $50000 and close a daily above $53000, BTC is still in the bearish trend. A rejection from $49700 can take it to again testing $44000 levels. Also, we still haven't seen a retest confirmation of the 4h hourly wedge breakout. It's pending.
+ Volume is more adequate. So, stay cautious. Thanks.
Muneeb
