Bitcoin looks ready to bounce! Factors at play:
- Bullish divergence on the /RSI: Even as the price action trends lower, the strength on the and increases.
- RSI Trends: Long term descending trendline meets the near term ascending . MUST break up or down. My bet is that the continues on the path of the newer , and breaks to the upside. Getting over 50 would be very .
- Bolllinger bands: Tightening – this occurs during a period of accumulation and lower . It will need to break up or down soon, as the range is too tight to continue moving laterally.
- MAs are moving down and getting closer to the price action. Getting above the 20, then the 50 would be a move. Right now, they are acting as a strong resistance.
- FIB Levels – Price action is sitting right between the 2 levels where reversals are most likely. Note: Price action didn’t touch the 618 (there is still a chance it will do that)
- Recent Trend Line: The price action in the has been moving to the top of the flag, looking for a breakout. It needs to hold that more recent (ascending) in order for a breakout to happen. Falling through that would lead to more downside.