Bitcoin Hidden Bullish Divergence?
This idea is meant to serve as a little hopium as there are some things we see on Bitcoin's chart that are appearing to show weakness. That idea might be for a post in the near future but for now in the short term we have what might be a fractal in a larger version of previous hidden bullish divergence that played out July 27 to July 30. The third day of that hidden bullish divergence played out with a double digit move to the upside.
Well, we are now officially fresh into day 3 of what appears to be even more hidden bullish divergence here again on the 4 hour chart. Keep in mind that this is only discernable on the 4 hour time frame. So there is risk here. Until there is divergence showing on multiple time frames, it makes this only somewhat reliable although the 4 hour is traditionally a very trade friendly time frame.
At the very least a continued bounce to retest $45918 is in the cards and this is an area where I expect much resistance. However, a break and hold above this price level could very well lead to this bullish idea playing out.
For the bearish scenario one will want to keep an eye on the $43558 price level. If this is broken on both the 4 hour and daily chart it could be the beginning of a possible deeper pullback in Bitcoin.
Well, we are now officially fresh into day 3 of what appears to be even more hidden bullish divergence here again on the 4 hour chart. Keep in mind that this is only discernable on the 4 hour time frame. So there is risk here. Until there is divergence showing on multiple time frames, it makes this only somewhat reliable although the 4 hour is traditionally a very trade friendly time frame.
At the very least a continued bounce to retest $45918 is in the cards and this is an area where I expect much resistance. However, a break and hold above this price level could very well lead to this bullish idea playing out.
For the bearish scenario one will want to keep an eye on the $43558 price level. If this is broken on both the 4 hour and daily chart it could be the beginning of a possible deeper pullback in Bitcoin.
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