IS Bitcoin Running Out Of Steam? Watch This Divergence!

2:51 pm, Thu, 29 July 21

Current Bitcoin Data

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IS Bitcoin Running Out Of Steam? Watch This Divergence!
IS Bitcoin Running Out Of Steam? Watch This MACD Divergence playing out in the 15 minutes timeframe! Is the Bitcoin rally over?

The MACD indicator is throwing off red flags as it is currently diverging from the Bitcoin price on the 15 minutes timeframe. This kind of divergence indicates a fading bullish momentum for Bitcoin and a likely price correction soon!

In this Bitcoin analysis, we will be talking about the key levels we are watching and the various possible price scenarios that might play out in the coming days.

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$40k Resistance Still Holding!

IS Bitcoin Running Out Of Steam? Watch This Divergence!
Bitcoin bulls are still unable to break through the $40K resistance. What does this mean for the Bitcoin price?

We are seeing the Bitcoin bullish momentum fade fast at the $40k price region even as Bitcoin continues to struggle to break through the 4-hour key resistance.

If bullish momentum does not pick back up soon, we might see Bitcoin price continue to grow weak and potentially sell-off soon from the $40k region.

IS Bitcoin Running Out Of Steam? Watch This Divergence!
Fading momentum is a very bearish indicator for the Bitcoin price. Should we expect a price sell-off soon? Watch these levels on the 15 minutes timeframe

What Next? Key Levels To Watch!

IS Bitcoin Running Out Of Steam? Watch This Divergence! Key levels to watch on the Bitcoin 15 minutes timeframe.

Right now, Bitcoin is trading in a mini range and might continue to do so for a few more hours. But once that sideways market is over, we can expect to see a Bitcoin price breakout either to the upside or downside.

The key support to watch is the $38.907 price level. We will remain bullish on Bitcoin as far as the price continues to trade above this $38,907 support on the 15 minutes timeframe.

A break of this support could indicate the start of the Bitcoin sell-off back down to the 28k price regions.

For The Bullish Breakout

For the Bitcoin bullish breakout, we want to see the Bitcoin price break through the $40k resistance on the 15 minutes timeframe. We broke down the potential bullish targets in our previous analysis Bitcoin (BTC) Price Analysis – Ascending Triangle Forming on Hourly Timeframe

Bitcoin bullish prediction from a previous analysis Bitcoin (BTC) Price Analysis – Ascending Triangle Forming on Hourly Timeframe

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