IS Bitcoin Running Out Of Steam? Watch This Divergence!
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!
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.
What Next? Key Levels To Watch!
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
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