[22-11-2023] $BTC TREND SHIFTING TO BEARISH
- Bearish Divergence: This term refers to a scenario where the price of an asset, such as Bitcoin in this case, is making higher highs, but an oscillator like RSI, MACD, or a histogram (possibly the one seen at the bottom of the chart) is making lower highs. This divergence suggests that despite the increasing prices, the bullish momentum is weakening, and there could be a potential trend reversal to the downside. On the chart, this is marked by the histogram bars trending downwards while the price had previously trended upwards.
- Trend Shifting: The phrase "Trend Shifting" on the chart likely indicates a point where the chartist believes the current trend may be changing direction. This could be inferred from various technical indicators or price action patterns. For instance, if the price was previously in an uptrend, encapsulated within the green moving average band, and begins to break below it, the trend might be considered as shifting from bullish to bearish.
- Possible Rebound Zone Based on Fibonacci: The chart includes horizontal lines labeled with Fibonacci retracement levels - 0, 0.236, 0.5, 0.618, and 1. These levels are significant percentages derived from the Fibonacci sequence and are used to predict potential support (rebound zones) or resistance levels. The level labeled "Possible Rebound Here" coincides with a common retracement level (often 0.618, known as the "Golden Ratio"), where traders expect the price might find support and potentially bounce back upwards after a pullback from a recent high.
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Liquidity at $38k has been taken, if close daily above $38,5k then this ideas invalid.