BTC: Creating Solid Support at 10K - How to Trade Short Term

9 сент. 2020 г.

Nothing has changed for our view on Bitcoin for the short term. In fact, we are now more bullish with more interesting developments being created on the technical side of things:

1. We are seeing a clear bullish divergence on the 1D Time Frame (TF), now. Almost 100% of bullish divergences play out on the day charts.

2. We just witnessed a strong reaction, once again by the bulls trying to secure these levels.

3. We have created a new CME gap between 10.4K through 10.6K.

4. Descending channel is being created, which is bullish in textbook standards.

You may be wondering which gap may be filled, right? Due to the gap being created over the weekend, we believe there is a much higher probability of the 10.4K CME gap to be filled now, taken into account of the RSI bullish divergence being created on the daily. Bears are doing a great job keeping price suppressed; however, we are also seeing a fantastic job by the bulls trying to keep the RSI at neutral levels, creating a higher low.

Trade Safe.

X Force.