Bitcoin has blown away major resistances to this point. After the breakout from the falling wedge in January, Bitcoin's climb has been supported with volume and hype.
As you can see on this chart, there is bearish divergence forming on the 4H.
The 2 prior bearish divergences on this run-up have both resulted in moderate correction of the previous impulse wave.
On January 19th, the bearish divergence led to an exact 0.618 correction from 9152 to 8220.
On January 30th, bearish divergence led to an exact 0.382 correction from 9681 to 9057.
Today, February 12th, BTC is once again printing divergence.
Retrace targets:
0.236 = 10146
0.382 = 9941
0.500 = 9776
Bitcoin is in a strong bull run right now and has shown time and time again that it tends to do whatever it wants. Because of that, keep tight stops on your shorts to prevent losing significant positions. This is a short term play as I do think BTC will continue to climb in this bull market.
A breakout above 10500 will likely lead to 10900 before retest.
Goodluck
As you can see on this chart, there is bearish divergence forming on the 4H.
The 2 prior bearish divergences on this run-up have both resulted in moderate correction of the previous impulse wave.
On January 19th, the bearish divergence led to an exact 0.618 correction from 9152 to 8220.
On January 30th, bearish divergence led to an exact 0.382 correction from 9681 to 9057.
Today, February 12th, BTC is once again printing divergence.
Retrace targets:
0.236 = 10146
0.382 = 9941
0.500 = 9776
Bitcoin is in a strong bull run right now and has shown time and time again that it tends to do whatever it wants. Because of that, keep tight stops on your shorts to prevent losing significant positions. This is a short term play as I do think BTC will continue to climb in this bull market.
A breakout above 10500 will likely lead to 10900 before retest.
Goodluck
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