(Private idea made public, linked below) BTC 0.11% -3.42% seems to currently be ranging. Bearish divergence, represented by the solid orange lines, show that price action will soon be realigned with market internals. OBV dropped below the 13 EMA (RED) which immediately became resistance, suggesting a further decline in price. The Williams R indicator shows some significant loss of momentum which would also suggest further decline in prices. We are seeing near oversold levels on the RSI which could be indicative of an upcoming rally. On the Williams R indicator, once the 13 EMA (RED) begins to pass through the %R (BLUE) in the oversold levels, one could expect a significant move to the upside. The small highlighted box (GREEN) is the area that I find most likely to be full of buyers and would likely give way to strong upside movement. That box is based on fib levels from the highs and lows of previous rallies. I would see the first exit or profit target at 11700. This is just an idea and study based on newly acquired knowledge. Please share any comments or questions below or drop them in the discord channel. I hope this is beneficial to the perspectives of everyone reading.
Best regards,
T. Savant
Best regards,
T. Savant
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