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BTC/USD – At crossroads, there is some hope! 😷 for BITSTAMP:BTCUSD by DU09

Bitcoin has been hovering around $35k since May when we crashed 50% and we seem to be on the brink of a change soon in price action.

Bitcoin gives some mixed messages here…

1. On 3D and lower timeframes we have reasons to be optimistic. We have a bullish divergence on RSI (lower price and higher low on RSI ). Stock RSI is already bullish and MACD may do a bullish cross at which point the bullish bias will have legs to stand on and probably give us a run for our money… however it is still too early and MACD still needs a week or two to confirm this… which turns me to point 2.

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2. On larger timeframes such as weekly or monthly, BTC ain’t looking sexy at all and a re-test of 20k or around that level seems possible… A break below 30k on daily and a daily candle closing under that level would confirm the bearish bias which will take us lower.

No one can tell you what will happen, the market is at a crossroad here and Bitcoin will decide where we are going… I don’t recommend trading until we have some direction, because since May it has been only choppy price action and you don’t want to trade a flat trend…

The overall structure is also bearish to me, see the yellow head and shoulders , we had a break of our long term support trendline… But so long price does not want to crack under $30k, there is hope. Some speculate in the last quarter of 2021 we will get a new rocket to moon. It’s quite likely if we turn up here. If not, 2022 will be the one.

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