Bitcoin's price action TA: bearish channel, 4h bullish divergence & more

in #bitcoin6 years ago (edited)

Stats:

Bitcoin is still going solo, now the dominance is at 51.2%.
Current price: $6,426.16 with volume of $6,335,821,666.


BTC/USD daily chart summary:

  • Bitcoin is still in this bearish channel with lower highs & lows
  • we're apporaching again the 50 day MA (blue), which could act again as resistance
  • the MACD is slowly turning around and we could see a bullish Signal line cross, at the -400 mark (dotted yellow), like it happened before

Click here to enlarge the image

bitcoin daily.png

BTC/USD weekly:

  • I expected to see the weekly candle to close above the median line (white), like it happened before, but it seems that we actually closed for the first time below this support level
  • the previous bullish breakout from the descending triangle didn't last too long. Now we're back at the top line and look for support
  • the MACD is also fighting at the signal line

Click here to enlarge the image

bitcoin weekly bounce failed.png

BTC/USD 4h divergence:

  • this bearish stairway movement isn't natural for Bitcoin
  • on the 1st of August we had a bearish Tenkan cross (blue goes below red) and now we holding the support at the Tenkan (circle)
  • we have a bullish RSI divergence: the RSI isn't confirming the lower lows price action
  • we could see a double bottom pattern bounce

Click here to enlarge the image

bitcoin 4h bullish divergence.png

steem --- line.png

Thanks for reading and safe trading!

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