Last week we saw a bearish regular divergence; which means that bitcoin price was ready to move downwards and we expected it to drop to $15,850 before retracing it steps back upwards.
Bitcoin price did move up and now we have a retracement to our previous target of $19,812.
Though price touched the expected target, $19,812, it’s bounded by the resistance $19,428.
For this week we look to see how bitcoin plays out as exhaustion is getting into the market even though some strong buyers are sitting at $16,453.
Before we can envisage our next bullish (upward move). We expect to see our MACD cross downwards and then back upwards within the bullish MACD region (above the MACD zero mark).
Be careful this period how you buy bitcoin so you don’t get left in the cloud as price dives.
Looking at the technical indicators:
- Major Support Level – $18,371