BTC Bullish Divergence| Trend Line| Apex

18 ธ.ค. 2019

Hello Traders!

Today’s chart update will be on BTC which has a probable bullish divergence as price travels close to its apex.

Will BTC respect its uprising trend line in this regression trend?

Points to consider,
- Trend in control by bears
- Structural Support to be tested
- Resistance retest confirmed
- Stochastics in lower regions
- RSI respecting trend line
- EMA’s resistance

BTC has put in consecutive lower lows in this regression trend; a break out of this channel will change the overall trend.

Structural support is yet to be tested, the $6000 psychological level is very key to hold for a bullish bias, if BTC was to test that low. The trend line is in confluence with support, signalling that buy pressure should push price up. Resistance level was confirmed by a bearish retest, sell pressure was too strong for bulls to break above, and we also have pressure coming in from the EMAs.

The stochastics is in currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The RSI is currently testing support, needs to hold true to confirm a probable bullish divergence.

Overall, in my opinion, BTC needs to break bullish from this current apex; this will respect the trend line coming in from yearly lows and confirm the bullish divergence.

What are your thoughts?

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