Bullish Divergence as BTC Coils Up Next to Major Support
Hi all — here's what I see.
BTC formed a large timeframe descending triangle, coming previously from an uptrend.
Following the descending trend line of this triangle, BTC has skipped down and double tested resistances.
At this moment, BTC seems to have flattened out on the support....
But!
- Shorts are piling up to ATHs
- There's a bullish divergence showing on the daily RSI
- Google search trends are down to pre-December levels, indicating that this level of trading is ORGANIC and FOMO free
Technicals make an argument that we could see a short squeeze, which in turn would help set off a bounce from the support.
If this scenario plays out, we are looking at a continuation of the longer term trend — which was an uptrend.
On top of that, with great fundamentals on the way like Consensus in May 2018 (read: 1 month away — PLAY THE MID-LONG GAME), why are you selling here?
BTC formed a large timeframe descending triangle, coming previously from an uptrend.
Following the descending trend line of this triangle, BTC has skipped down and double tested resistances.
At this moment, BTC seems to have flattened out on the support....
But!
- Shorts are piling up to ATHs
- There's a bullish divergence showing on the daily RSI
- Google search trends are down to pre-December levels, indicating that this level of trading is ORGANIC and FOMO free
Technicals make an argument that we could see a short squeeze, which in turn would help set off a bounce from the support.
If this scenario plays out, we are looking at a continuation of the longer term trend — which was an uptrend.
On top of that, with great fundamentals on the way like Consensus in May 2018 (read: 1 month away — PLAY THE MID-LONG GAME), why are you selling here?
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BTC breaks the downtrend line as shorts drop 32%!!! We were right on the money! Let's see today's follow through, a close above $8000 would make for a very strong bullish argument
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Price may be forming a bull flag. If we see continuation, the height of the flag pole indicates we may see a retest of the $9000 resistance level
Price may be forming a bull flag. If we see continuation, the height of the flag pole indicates we may see a retest of the $9000 resistance level
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