Hi,
Happy Friday!
So here I am looking at 4HR candles to get a sense of what I can expect bitcoin to do over the weekend.
Right now I see a "hidden bullish diverging" pattern is forming quite nicely inside of the pennant.
A hidden bullish diverging pattern is characterized by higher lows on the price movement, and lower lows on your indicator. Here I am looking at OBV. As you can see the two are diverging.
According to babypips.com (this website is awesome if you're trying to really elevate your TA to the next level), a hidden bullish divergence shows underlying strength and usually peeps its head during retracements of an upward move, of which we have been in for the last week and half.
In addition to this, the Bollinger Band is tightening its grasp on BTCUSD and I expect to see price consolidating tightly between 11,900 and 11,700 before continuing the upward move.
Thanks and have a great weekend!
Happy Friday!
So here I am looking at 4HR candles to get a sense of what I can expect bitcoin to do over the weekend.
Right now I see a "hidden bullish diverging" pattern is forming quite nicely inside of the pennant.
A hidden bullish diverging pattern is characterized by higher lows on the price movement, and lower lows on your indicator. Here I am looking at OBV. As you can see the two are diverging.
According to babypips.com (this website is awesome if you're trying to really elevate your TA to the next level), a hidden bullish divergence shows underlying strength and usually peeps its head during retracements of an upward move, of which we have been in for the last week and half.
In addition to this, the Bollinger Band is tightening its grasp on BTCUSD and I expect to see price consolidating tightly between 11,900 and 11,700 before continuing the upward move.
Thanks and have a great weekend!