The chart of bitcoin has drawn a bullish pattern on the hourly chart. Potentially, this is a great buying opportunity. However, I would be very cautious with this, as a diamond formation is clearly visible on the higher timeframes, which usually indicates a trend reversal. In addition, the RSI on many timeframes indicates bearish divergence (and especially the hidden ones).
This is not financial advice.
This is not financial advice.
Note
Bearish divergences4h chart:
1h chart:
15m chart:
Note
Pattern invalidated. It appears to have been a bull trap.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.