Just unpacking some observations on this 4 hours chart,
- BTC experienced a healthy pullback to the 7500 level, retesting three times at this level, and clear bullish RSI divergence was observed
- This leads me to think that a new support level at 7500 has been established
- Pivoting back up from 7500, we observe the overhead resistance line being tested, failed, retested, and confirmed with a break to the upside.
- If BTC were to fail this upper channel, a retracement back to the mean would be likely. Watch for the 9000 level.
That's all for now
- A strong movement to the upside was followed by some consolidation at the 9000-9500 range
- However, we are starting to observe some degree of RSI divergence being printed at this high, bearish this time.
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- BTC experienced a healthy pullback to the 7500 level, retesting three times at this level, and clear bullish RSI divergence was observed
- This leads me to think that a new support level at 7500 has been established
- Pivoting back up from 7500, we observe the overhead resistance line being tested, failed, retested, and confirmed with a break to the upside.
- If BTC were to fail this upper channel, a retracement back to the mean would be likely. Watch for the 9000 level.
That's all for now
- A strong movement to the upside was followed by some consolidation at the 9000-9500 range
- However, we are starting to observe some degree of RSI divergence being printed at this high, bearish this time.
-