Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Furthermore, price strength is currently testing the bearish divergence that developed this month. A close above would be a nice set up for further upside:
That said, a breakdown today below the Daily opening price of $49.125 would further confirm and reinforce the bearish divergence likely leading to a correction back to the 200 Day MA.
That said, a breakdown today below the Daily opening price of $49.125 would further confirm and reinforce the bearish divergence likely leading to a correction back to the 200 Day MA.
Bearish divergence remains in tact following a weak close on Monday. Volume remains abysmal, meaning lack of follow through from the bulls, as well as low selling pressure from the bears.
Support from the 21 & 200 Day MA are close by around $46-47K. Nothing wrong with a healthy correction before further upside. Otherwise a re-test of $44K support could be on the cards.
