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The Bitcoin price has been selling off for weeks now! However, we are seeing a series of events playing out right now that might point to the end of this bearish sell-off in Bitcoin.
And in this Bitcoin analysis, we will be breaking down what these events are and how they can affect the trend of Bitcoin in the coming days.
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Bitcoin Bullish Divergence!
Bullish Divergence shows strength in price. The bullish divergence is caused when the price is moving lower while the MACD indicator keeps on moving higher. Once this happens, it signifies that the asset might be building strength and getting ready to rally higher.
Right now, the Bitcoin price is selling off, but the MACD indicator is showing a clear sign of an uptrend.
This tells us that “while the price might be bearish for now, bearish volume is dying down” so sooner or later the price will reverse.
Bitcoin Is Also Bouncing At Key Support!
Another major sign that the Bitcoin sell-off might be coming to an end is the 4-hour major support Bitcoin just ran into at the $37,400 price level.
This support has served as a major key level for Bitcoin on numerous occasions in the past and might continue to do so.
If Bitcoin maintains this support, we might see the price reverse and begin to rally back up like it has done over and over again in the past.
Final Verdict!
We believe the Bitcoin bearish trend is running out of steam. And our two price confluence (Bitcoin bullish divergence and Bitcoin trading at $37,400 key support) confirms this bullish bias.
The question now is can we begin to see the bullish momentum back to Bitcoin and begin to push the price back up in the coming days? As the price continues to develop, you can rest assured we will keep you up to date.
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