Bearish Divergence on 1 day and 1 week chart
Be cautious of the Bitcoin price at the moment, as we have formed a bearish divergence on both the 1 day and 1 week chart. This is not the cause for too much alarm however.
If we compare this action to the previous bull market, previous bearish divergences lead us to ~40% drops and retests of the weekly EMA. If this were to repeat, we should expect prices to reach the 30k to 40k regions. Though be warned we will not be here for long, and we will likely continue to head higher after this!
I am personally not long or short at the moment, just waiting to see what happens with some spare funds to buy more if we drop.
If we compare this action to the previous bull market, previous bearish divergences lead us to ~40% drops and retests of the weekly EMA. If this were to repeat, we should expect prices to reach the 30k to 40k regions. Though be warned we will not be here for long, and we will likely continue to head higher after this!
I am personally not long or short at the moment, just waiting to see what happens with some spare funds to buy more if we drop.
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