BTC - now seeing some good RSI divergence on the 8 hour chart (bullish). ADX is still slanting up however, showing there is still some strength in the downtrend on this timeframe. Excuse all the lines/fibs but have left them in to show we are currently at a confluence of many, leading also down to the apex of the falling wedge (bullish) at 7200. Recalling also 7200 was the full play out of the double top at 11700.
As per previous analysis we have come underneath the 1 day Ichi cloud providing good positioning for an upswing. (Upper orange trend line is drawn on the 3 day chart and is holding at present).
Lower timeframes all showing varying degrees of divergence both bullish and bearish so I think we will bounce here for a while to correct before making a stronger move.
Volume below $9200 has been substantially higher than at the 11700 levels, and some bullish divergence is also shown on the oscillators.
As per previous analysis we have come underneath the 1 day Ichi cloud providing good positioning for an upswing. (Upper orange trend line is drawn on the 3 day chart and is holding at present).
Lower timeframes all showing varying degrees of divergence both bullish and bearish so I think we will bounce here for a while to correct before making a stronger move.
Volume below $9200 has been substantially higher than at the 11700 levels, and some bullish divergence is also shown on the oscillators.
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