Bitcoin – my favorite price action model!

06.03.2022 9:29 pm

Hello, everyone!

The bitcoin is forming my favorite price action model right now. It is not the particular signal guys, just drawing for fun! It is absolutely useless to try to guess exact scenario in trading, but I saw many times this price action.

We can see that the price is forming the bounce off the 0.61 Fib with the lower low on the relatively low volume. At the same time we can see the bullish divergence on the 1h timeframe with the RSI. This is very weak bullish signal, but it can potentially lead to the small pump – illusion that we will see the uptrend continuation. But after that the price will drop hardly as I demonstrated in my previous analysis.

Good luck!

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