Bitcoin set to bounce higher from range lows
BTC has traded within the $29.7k-$31.5k range for almost a month now. Until the range is broken, traders can look to long the lows and short the highs.
The RSI formed a hidden bearish divergence with the price as it made a higher high while the price made a lower high within the past two days, suggesting a continuation southward was likely. The OBV also favored the sellers. Yet, the range formation can be assumed to be in play until breached.
Entry: $29.7k-$29.9k
Take-profit: $31.5k (although the mid-range at $30.6k can also be used)
Stop-loss: $29.5k (further losses below the $29.5k would invalidate the idea)
The RSI formed a hidden bearish divergence with the price as it made a higher high while the price made a lower high within the past two days, suggesting a continuation southward was likely. The OBV also favored the sellers. Yet, the range formation can be assumed to be in play until breached.
Entry: $29.7k-$29.9k
Take-profit: $31.5k (although the mid-range at $30.6k can also be used)
Stop-loss: $29.5k (further losses below the $29.5k would invalidate the idea)