BTC short-term bullish divergence

23 เม.ย. 2021Bitcoin took quite a wallop in the past 24 hours hitting near the expectations near 46-48K I had mentioned last time, but it now looks to be showing some signs of relief at least in the short term.

The downtrend channel looks to be solidifying itself more from what I can tell (red lines on price) and looks to be demonstrating a slight bounce based on bullish divergence showing on RSI (red line on RSI). If this continues, a slight retracement should be expected to above 50K. As to how far beyond still remains to be seen.

Daily RSI and MACD are telling a different story with a negative trend forming with a potential for further downtrends expected, but I don't think any conclusion can be determined just yet until the current retracement completes. It is unlikely the price will surpass the current channel tops beyond 55-57K in the next few days, but it seems more likely that the price enters sideways movement for a week to near 52K and also likely that a few more dips are possible in the short term (with the potential to dance around 45-48K or later to near 43-45K if the retracement only lasts a few hours/days).

It should be interesting if the current channel holds for the next week, but if the bearish trend continues, it looks like there are still some downward possibilities if the price heads sideways here in the next few days, potentially forming a double bottom or beyond if the downward trend extends beyond next week.

At least for now though, support looks to be strong around the 46-48K prices, so it should be interesting to see how long that might be the case.

Please like if you agree or comment with your thoughts as I'd love to hear them!