Note: using BTCUSD from coinbase, not Bitstamp. Bitstamp prices are about $200 lower I would say on average at the peaks and troughs.
4h MACD divergence with higher highs in price and lower highs on MACD is currently bearish. Will be watching closely.
BTC is using 20EMA as support at about $46.6k. This was the previous support that it bounced off on the way down from $48k to $44k.
Trendline, however from that drop to $44k shows a bottom of TL at around $45.8-$46.2k.
Bottom of bollinger band on this time frame is around $44.8, which would indicate potential oversold reversal point.
Could scalp some off of $45.8-$46.2k for a bounce.
Looking for low which would respect certain Elliott Wave patterns, i drew a few pitchforks, confluence of pitchforks from highs to lows leads me to a confluence of pitchforks around $44.2k.
Obviously, i'm seeing some ideas that would trade BTC around $38, $42 or $44k.
I'll be watching $46-$45 closely, and see if it breaks that. If it does, I may look for a small entry around $44,2. If it breaks below that, then look for other ideas, but $38-$40 seems like a logical entry if MACD shows reversal on 4h with confirmation on lower time frames as well.
4h MACD divergence with higher highs in price and lower highs on MACD is currently bearish. Will be watching closely.
BTC is using 20EMA as support at about $46.6k. This was the previous support that it bounced off on the way down from $48k to $44k.
Trendline, however from that drop to $44k shows a bottom of TL at around $45.8-$46.2k.
Bottom of bollinger band on this time frame is around $44.8, which would indicate potential oversold reversal point.
Could scalp some off of $45.8-$46.2k for a bounce.
Looking for low which would respect certain Elliott Wave patterns, i drew a few pitchforks, confluence of pitchforks from highs to lows leads me to a confluence of pitchforks around $44.2k.
Obviously, i'm seeing some ideas that would trade BTC around $38, $42 or $44k.
I'll be watching $46-$45 closely, and see if it breaks that. If it does, I may look for a small entry around $44,2. If it breaks below that, then look for other ideas, but $38-$40 seems like a logical entry if MACD shows reversal on 4h with confirmation on lower time frames as well.