BTC rejected 120 EMA with bearish divergence. Weekly closing IN
Since the weekly closing is in 2 hours (3 After midnight Makkah Time), BTC is being pumped to breakout and hold the support of 20,000 to be bullish
However the RSI on 4 hours shows a bearish divergence as the RSI keeps on going up and up and is clearly a fake breakout
For BTC to sustain such a support level it has to be gradual and healthy upward movement driven by stochastic sine movement following Fibonacci retracement concepts and not just random pumps
I believe that BTC would stay above 20100 for this weekly closing candle, however it might lose it in a day maximum as the buying is futures driven and not spot driven. There is extreme fear in the market
For longer term, we are still not at the bottom. A wick to 14k or to 8K could happen in case of black swan
However the RSI on 4 hours shows a bearish divergence as the RSI keeps on going up and up and is clearly a fake breakout
For BTC to sustain such a support level it has to be gradual and healthy upward movement driven by stochastic sine movement following Fibonacci retracement concepts and not just random pumps
I believe that BTC would stay above 20100 for this weekly closing candle, however it might lose it in a day maximum as the buying is futures driven and not spot driven. There is extreme fear in the market
For longer term, we are still not at the bottom. A wick to 14k or to 8K could happen in case of black swan
