Is the Bearish Divergence for Bitcoin [BTC] Forecasting a Reversal?

2018-12-20 17:59

Bitcoin Weekly Chart – Source: TradingView.com

Bitcoin continues its bullish week with a return above $4000 over the past 24 hours.

This week has been extremely bullish so far and has almost erased the prior two weeks of losses.

The price has appreciated from starting the week around $3200, approximately a 25% appreciation.

$4000 is an important point for trading and whether price can stay above this level remains to be seen.

Price has failed to significantly increase above this point indicating that it may drop back below before the daily candle closes.

Bitcoin Daily Chart – Source: Tradingview.com

This is the first significant period of bullish movements since extremely bearish conditions overcame the market in mid-November.

Momentum is increasing on the side of the buyers with both the RSI and the MACD increasing, both gauges of whether the momentum is on the side of buyers or sellers.

Bearish Divergence on the Hourly Chart – Source: Tradingview.com

The hourly chart indicates the price action may be setting up for a reversal from this point.

A bearish divergence is taking place between the price and RSI with the price forming higher highs and the RSI forming lower highs.

A bearish divergence is a typical trend reversal pattern and occurs when the price goes on to form higher highs despite the RSI forming lower highs.

This shows price continuing to increase despite buying pressure falling off.

Key Takeaways: First continued bullish surge since extremely bearish conditions overcame the market in mid-November. Momentum is on the side of buyers with both the daily RSI and MACD increasing to the upside. Bearish divergence on the hourly chart may be indicating a potential reversal from this point. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Is the Bearish Divergence for Bitcoin [BTC] Forecasting a Reversal? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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$ 97633.93 (+0.55%)
Объем 24H $99.061b
Изменеия 24h: 3.64 %, 7d: 9.39 %
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bitcoin week 4000 bullish divergence bearish btc

Источник: blokt.com

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