NEW TREND AND NEW SUPPORT
As btc has started its uptrend with more and more bullish chart pattern being found on different time frame, is has gradually found a new support.
On the 45mins time frame, price has move up forming 2 different bullish price move. THE BULLISH HIDDEN DIVERGENCE AND THE ASCEDNING BROADENING WEDGE chart pattern.
THE BULLISH HIDDEN DIVERGENCE
Divergence occurs when an indicator trends in one direction and price trends in another direction. Specifically, an indicator will make lower highs while price makes higher peaks, or the indicator will make higher valleys even as price tumbles to new lows.
Bullish divergence occurs when price makes a higher low but the indicator forms lower lows. The two data streams diverge in direction. Price will eventually, usually, follow the indicator higher.
This doesn't mean an immediate buy, but consider taking a position soon, especially if you receive other confirming signals.
The ascending broadening wedge is a chart pattern that tends to disappear in a bear market.
always wait for a break before taking a position
VERDICT:
BUY: $3814 down to $3792
SELL: $3863 up to $3912
STOP LOSS:$3757
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
On the 45mins time frame, price has move up forming 2 different bullish price move. THE BULLISH HIDDEN DIVERGENCE AND THE ASCEDNING BROADENING WEDGE chart pattern.
THE BULLISH HIDDEN DIVERGENCE
Divergence occurs when an indicator trends in one direction and price trends in another direction. Specifically, an indicator will make lower highs while price makes higher peaks, or the indicator will make higher valleys even as price tumbles to new lows.
Bullish divergence occurs when price makes a higher low but the indicator forms lower lows. The two data streams diverge in direction. Price will eventually, usually, follow the indicator higher.
This doesn't mean an immediate buy, but consider taking a position soon, especially if you receive other confirming signals.
The ascending broadening wedge is a chart pattern that tends to disappear in a bear market.
always wait for a break before taking a position
VERDICT:
BUY: $3814 down to $3792
SELL: $3863 up to $3912
STOP LOSS:$3757
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
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