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$BTC The Bearish POV and Bullish Potential
What happened to create this recent dip in price?
Price action was rejected by the 4hr 200MA. That immediately sent price action down to test the bottom trendline of the ascending triangle.
If the ascending triangle is broken downwards and the support is also lost we could see a move down to $63,494.
An ascending triangle can be a downtrend reversal signal pattern when in a downtrend.
We want to hold this patterns bottom trendline respected. Or at least the next few supports of the pattern. This is potential double bottom reversal support zones.
There is a hidden bullish divergence on the 4hr Stochastic RSI. This says that there is about a 90% chance that $BTC will break the high of $94,616 before the low of $89,286.
Lets hope that the hidden bullish divergence can push this upwards and break $94,616 and stay above the 4hr 200MA. Then we could potentially hit upside targets such as $96,800 and $103,856.
$BTC can ruin the best trade setups in Altcoins. Something to keep in mind.
NFA, DYOR ⚠️
#Crypto #Trading #BTC