Hello all trader, welcome back to the Sunday analysis of bitcoin.
We've seen a very volatile moves from bitcoin based on today's movement. the price has shown a $1000 drop just in less 1 day of trading session. And once again we've seen the mixed bias here on the bitcoin. The mixed bias here is when there are a strong bullish and the bearish bias occur at the same time. I see it based on the break out strategy perspective and the divergence perspective.
On the Break out strategy perspective, there is a potential sign of bullish moves based on current movement in the chart, the main reason is that the price potentially plays out in the 2nd phase of current break out strategy which is testing the previous broken resistance that is now become support as well. Beside, there is a wick that occurs at current level. If we see it at this perspective, there is a potential push toward the upside which is to test the previous high.
On the other hand, when we see it at the divergence perspective, the price looks very bearish. You can see that the price is forming a lower high but on the oscillator indicator which is the RSI is forming a higher high. This is a clear sign of the hidden bearish divergence to occur. Just like what we've known, the hidden bearish divergence is the sign of continuation toward the down trend.
Therefore, we might wait for further confirmation on the market to see where will the market go in the future. If the price breaks below the white trend line, the bearish bias will be valid. But, if the price can hold this trend line, we'll see the bullish movement to the upside. Be calm.
We've seen a very volatile moves from bitcoin based on today's movement. the price has shown a $1000 drop just in less 1 day of trading session. And once again we've seen the mixed bias here on the bitcoin. The mixed bias here is when there are a strong bullish and the bearish bias occur at the same time. I see it based on the break out strategy perspective and the divergence perspective.
On the Break out strategy perspective, there is a potential sign of bullish moves based on current movement in the chart, the main reason is that the price potentially plays out in the 2nd phase of current break out strategy which is testing the previous broken resistance that is now become support as well. Beside, there is a wick that occurs at current level. If we see it at this perspective, there is a potential push toward the upside which is to test the previous high.
On the other hand, when we see it at the divergence perspective, the price looks very bearish. You can see that the price is forming a lower high but on the oscillator indicator which is the RSI is forming a higher high. This is a clear sign of the hidden bearish divergence to occur. Just like what we've known, the hidden bearish divergence is the sign of continuation toward the down trend.
Therefore, we might wait for further confirmation on the market to see where will the market go in the future. If the price breaks below the white trend line, the bearish bias will be valid. But, if the price can hold this trend line, we'll see the bullish movement to the upside. Be calm.
