The crypto bull run continues with Bitcoin leading the way with a more than 3% rally at the end of the day. This bullish move in the Bitcoin price played out eactly as we predicted, Bitcoin found support at the $42,411 key level on the 15 minutes timeframe before exploding. Warning: Massive Divergence Forming On Bitcoin! Watch This Level
This support also served as a valid order block for bullish momentum to renter back into the Bitcoin market, pushing Bitcoin to new highs and towards our $45k bullish target.
However, we are seeing a steep decline in the bulish volume, and in this End of Day Analysis we will be breaking down the possible effects of this current bullish divergence playing out on the Bitcoin price chart.
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Bitcoin Still Diverging. What Does This Mean?
While Bitcoin might still be rallying, it is important to note that the Bitcoin price is doing so on a declining volume. This growing divergence between price and the bullish momentum is a weak signal for Bitcoin and might cause a price sell-off soon!
It is very important we start seeing bullish volume increase in the coming days, because right now, Bitcoin is rallying on steam. And that might finish anytime!
The $42k Key Support
The key support we are still watching is the $42k support. As far as Bitcoin continues to trade above this 15 minutes support, we will remain bullish on the Bitcoin price.
However, a break below this support invalidates our bulish bias and points to more sell-off in the coming days. This makes it very important for the Bitcoin bulls to hold on to the $42k support level at all cost.
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