–
Po yesterday’s analysis on altcoin indices, I wanted to focus on specific altcoins, but Bitcoin (BTC) broke through the key limit of $ 47,000 very confidently late last night after persistent efforts. Therefore, I would definitely like to devote today’s analysis to BTC, at least briefly. Otherwise, another educational article will be published this afternoon, specifically on the tool of quantitative easing, which I talk about very often.
Current situation at 1D TF BTC / USD
Bitcoin finally broke through $ 47,000 and in style. On the intraday chart, the breakthrough was accompanied by huge volumes, and it was essentially a one-hour candle. The exchange rate stopped immediately above the resistance level and has been consolidating here for 12 hours, volatility is minimal. As for the daylight, so bullish impulse we have not had the form in the chart since mid-June.
Unfortunately, we got another bear at BTC divergence and this time between price growth and volumes. As I said, the shape of the candle is very good. A classic impulse candle, which everyone likes to see in the chart. But look at the volumes that the candle has. The volumes are below average, no way they are not proportional to the impulse candle.
This is, of course, a rather strong negative signal, which, however, may not manifest itself in any way. Respectively, it is not very wise to ignore these signals, because their application can hurt. In short, impulse and breakthrough spark plugs should have large volumes in order to confirm movement and breakthrough.
However, this does not automatically mean that BTC will not continue to grow. FOMO is starting again and it is therefore quite likely that the market will leave this divergence unnoticed.
Indicators
Due to the fact that a higher price peak was formed for us, another lower peak was generated at RSI. Therefore, it is already on RSI double bearish divergence. And in order to invalidate it, it needs to break through at least over $ 50,000.
But also quite more, unfortunately this cannot be determined in advance. Just very rough. As for MACD, it is also fresh on the indicator histogram double divergence.
In conclusion
It will be very interesting to see if Bitcoin leaves these signals unnoticed. It can happen, at the turn of 2020/2021 it was common. However, it is not very wise to ignore divergences or give them minimal importance. Respectively, many look at technical indicators through their fingers. But the pure disparity between price growth and volumes should already be taken seriously by everyone.
ATTENTION: No data in the article is an investment board. Before you invest, do your own research and analysis, you always trade only at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
–
