BTC divergence/resistance at 54K Fibonacci
BTC looks to have reversed (at least temporarily) after demonstrating some reversal trends (see my previous posts). However, there is still a bit of resistance on the horizon in my opinion.
For the current price action, BTC looks to have come close to the downside channel's top (red lines) near some strong Fibonacci resistance from the original 43K bottom retracement (which it looks like this current dip has greatly respected those Fibonacci levels). However, as BTC approaches the channel top, it is now showing some hidden bearish continuation divergence (yellow dotted line). Hence it looks like it is more likely to be rejected in the short term at or slightly above the current price.
However, the daily trend is starting to turn positive for bitcoin, so it is quite possible that after a few dips, the price might continue out of the channel. However, if the reversal trend continues, there is still a bit of downward potential in the current descending channel down to near 40-44K. If the latter case occurs, there are some good potential patterns that can arise, such as a double bottom or a shark pattern, however, it is far too soon to tell if any of these might be the case. However, with weekly MACD crossing negatively, one shouldn't rule out these as possibilities.
As always, consider this as just my opinion and not advice, but please like or comment if you agree or a see anything to the contrary.
For the current price action, BTC looks to have come close to the downside channel's top (red lines) near some strong Fibonacci resistance from the original 43K bottom retracement (which it looks like this current dip has greatly respected those Fibonacci levels). However, as BTC approaches the channel top, it is now showing some hidden bearish continuation divergence (yellow dotted line). Hence it looks like it is more likely to be rejected in the short term at or slightly above the current price.
However, the daily trend is starting to turn positive for bitcoin, so it is quite possible that after a few dips, the price might continue out of the channel. However, if the reversal trend continues, there is still a bit of downward potential in the current descending channel down to near 40-44K. If the latter case occurs, there are some good potential patterns that can arise, such as a double bottom or a shark pattern, however, it is far too soon to tell if any of these might be the case. However, with weekly MACD crossing negatively, one shouldn't rule out these as possibilities.
As always, consider this as just my opinion and not advice, but please like or comment if you agree or a see anything to the contrary.
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