Exactly as I predicted two days ago Bitcoin is forming the bounce. You can check the related idea to see it. Double divergence is the super powerful signal even on 4h, especially next to support area. What is next?
With this bounce Bitcoin can change everything for our insane long setup. We can see that the MACD histogram on the 1D timeframe managed to cross over the zero-line. It is the first bullish signal for us that the insane long can be flashed even earlier. Now I am not waiting for lower than $17500 price levels to form the reversal, I am just waiting for lower than $18500 low to form the divergence on the 1D. Only the divergence confirmation can be the reason to execute long with almost full deposit.
Another one question – where are the pump’s targets? The first obvious target is 0.38 Fibonacci retracement level – $21k, as I told in my previous article, but the pump is too impulsive and we can see 0.618 level, there are a lot of liquidity for the further dump. This is the level $22600. Moreover there is the incorrect but valid trendline is located and we can see it’s retest before new pull to the downside.
Best regards, Ivan