Looking at the 4-hour chart on Bitcoin, we can see that we have a triple MACD positive divergence on that indicator since August 8 of this year. Which indicates that the odds of having at least a short-term bounce of several days to several several weeks on Bitcoin are very high. The last 3 times we have positive MACD divergences Bitcoin has rallied for at least a week or more.
When the MACD indicator goes up while the price goes down, we have a MACD positive divergence.
I´m not calling for the bottom or anything like that, but maybe we can have a bounce to the $7,000 USD level on Bitcoin in the near term (this month). Of course, stop loss should be at $5,800 USD on Bitcoin in case things don’t go our way.
Good Luck in your decisions
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Short Term bounce may be over as SEC rejects Bitcoin ETF.