Back with another analysis to complement my previous BTCUSD post. Looking first at the BTCUSDLongs chart, we can see that we broke above resistance and tested for support before moving up and then back down. This move back down has shown MASSIVE bullish divergence, both on the RSI, which has formed and broken out of a falling wedge, and the MACD. The AO has also crossed one buy signal, with another coming up.
On the shorts side, we can see that the chart first tested the 1D bearish OB and was rejected, fell into the 1D bullish OB and bounced, and is now sitting in no mans land. The RSI is forming another rising wedge with bearish divergence, the MACD is failing its retest of support, and the Laguerre PPO is starting to signal oversold. My guess is shorts will move up to the 1H Bearish OB before getting rejected and breaking through the 1D Bullish OB.
Together these charts paint a very bullish picture for BTC. See my other idea for my analysis on BTCUSD, and remember that this is my own opinion, not trade advice, and I'm not responsible for what you do with your money.
On the shorts side, we can see that the chart first tested the 1D bearish OB and was rejected, fell into the 1D bullish OB and bounced, and is now sitting in no mans land. The RSI is forming another rising wedge with bearish divergence, the MACD is failing its retest of support, and the Laguerre PPO is starting to signal oversold. My guess is shorts will move up to the 1H Bearish OB before getting rejected and breaking through the 1D Bullish OB.
Together these charts paint a very bullish picture for BTC. See my other idea for my analysis on BTCUSD, and remember that this is my own opinion, not trade advice, and I'm not responsible for what you do with your money.
