BTC update - Sep 07 2024
Unfortunately, despite having a bullish divergence in 4H timeframe and reaching the support zone of 54,600 - 56,100, #BTC didn't show the small pump that was expected! there's probably an underlying reason for this that we don't know yet but maybe something is going to take place in the coming days!
Anyways, since the bullish divergence didn't work and BTC crossed below the lower trendline and the mentioned support zone in one big candle, it can be said that the sell pressure is indeed strong. The main scenario is that any upward move towards the mentioned area which is now a resistance is considered a retest and Sell/Short strategy should be applied. Secondary scenario is crossing above the resistance zone which isn't very likely at the moment.
As it's been stated over and over for the past few weeks, the overall trend/sentiment is indeed bearish and BTC is most probably heading for 45,000 and then 42,000 zones!
Anyways, since the bullish divergence didn't work and BTC crossed below the lower trendline and the mentioned support zone in one big candle, it can be said that the sell pressure is indeed strong. The main scenario is that any upward move towards the mentioned area which is now a resistance is considered a retest and Sell/Short strategy should be applied. Secondary scenario is crossing above the resistance zone which isn't very likely at the moment.
As it's been stated over and over for the past few weeks, the overall trend/sentiment is indeed bearish and BTC is most probably heading for 45,000 and then 42,000 zones!
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