Hi guys,
Here is a daily Bitcoin price chart at Bainance exchange. Bitcoin is clearly in the uptrend channel that we have drawn here.
On the other hand, as you can see, the RSI indicator is declining, which indicates a divergence in the bitcoin chart.
Now we can consider three scenarios:
Scenario 1: Go down to the price range of $ 41,000 and then return to the top of the uptrend channel and break it and move to the range of $ 55,000 and then the pullback to the top of the former uptrend channel which now plays the role of support area. And then fly up to $ 60,000 and more (green)
Scenario 2: Break the resistance area above the uptrend channel to move to the $ 55,000 range, then pullback to the breakout range of about $ 50,000 and then move to the $ 60,000 range and more.(red)
Scenario 3: Move to the bottom of the uptrend channel and then pullback to the $ 41,000 resistance area and then start the price correction to the $ 30,000 range.(purple)
Here is a daily Bitcoin price chart at Bainance exchange. Bitcoin is clearly in the uptrend channel that we have drawn here.
On the other hand, as you can see, the RSI indicator is declining, which indicates a divergence in the bitcoin chart.
Now we can consider three scenarios:
Scenario 1: Go down to the price range of $ 41,000 and then return to the top of the uptrend channel and break it and move to the range of $ 55,000 and then the pullback to the top of the former uptrend channel which now plays the role of support area. And then fly up to $ 60,000 and more (green)
Scenario 2: Break the resistance area above the uptrend channel to move to the $ 55,000 range, then pullback to the breakout range of about $ 50,000 and then move to the $ 60,000 range and more.(red)
Scenario 3: Move to the bottom of the uptrend channel and then pullback to the $ 41,000 resistance area and then start the price correction to the $ 30,000 range.(purple)