Hello, everyone!
Yesterday I had a rest that’s why there was no the analysis update. To be honest the market situation did not changed significantly. I am still in long position.
Looking at the chart I can conclude that the BTC is almost ready for the bounce to the upside. I supposed that the previous local low was the the nice entry point to take the potential pump, but now I can see that the Bitcoin price can make another one leg down. That’s why the price is almost reach the trendline, it is logically to see the it’s touch. Moreover at $37k the huge liquidity zone is located, whales can easily push the price lower to collect this liquidity.
This push to the downside will create even stronger than earlier bullish divergence with RSI. Trust me such divergence could not be without any pump after it’s forming. If the price will reach the new local low for me it’s another one evidence to open long position. The increased volume tells us that the BTC is next to the bottom. The price target for the anticipated pump is the countertrend line 2 as usual.
Good luck!
