Warning: Massive Divergence Forming On Bitcoin! Watch This Level

2:46 pm, Sat, 7 August 21

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Bitcoin Rally Far From Over. Price To $57k Soon! Watch This Support
Bitcoin bullish prediction from a previous analysis Bitcoin Rally Far From Over. Price To $57k Soon! Watch This Support

Bitcoin has been playing out exactly as we predicted in our previous analysis Bitcoin Rally Far From Over. Price To $57k Soon! Watch This Support.

In that analysis, we talked about the $42,517 support and how it could play a major role in the coming days for Bitcoin. Well, that support level served its purpose, pushing Bitcoin 5% higher in just a matter of hours!

Massive Divergence Forming On Bitcoin! Watch This Level
Bitcoin found support at the $42,517 level and rallied more than 5% in just hours. What next?

However, this rally caused a massive divergence to form between the price and the bullish volume. This means that while the price was rising higher, the bullish volume was declining.

This volume decline caused a divergence between price and the MACD indicator, a very clear sign of weakness in the Bitcoin price and potential for us to see a sell-off soon!

Bullish divergence playing out on the Bitcoin 4-hour timeframe. what next?

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What Does This Mean For Bitcoin?

Massive Divergence Forming On Bitcoin! Watch This Level
Massive Divergence Forming On Bitcoin! Watch This Level on the 15 minutes timeframe. Can Bitcoin hold the $42k support?

We can already see the Bitcoin price sell-off in the 15 minutes timeframe. However, if this $42,411 support level holds, we can expect to see the Bitcoin rally continue to head higher despite the divergence between price and bullish volume.

This rally could push the Bitcoin price into the $50k price regions in no time. But for that to happen, the $42,411 support must hold.

For us to become bearish, the Bitcoin price needs to break through and close below the $42,411 support. Only then can we can fully confirm that the Bitcoin sell-off has started.

Massive Divergence Forming On Bitcoin! Watch This Level
Massive Divergence Forming On Bitcoin! Watch This Level Bearish price prediction for Bitcoin

Final Verdict!

Despite the current bullish divergence playing out on the Bitcoin 4-hour timeframe, we are still very bullish on the Bitcoin price and believe there is a high probability for Bitcoin to continue heading higher in the coming days.

However, for our bullish bias to remain valid, the Bitcoin price must respect the $42,411 support on the 15 minutes timeframe. As far as this support holds, Bitcoin is bullish.

Massive Divergence Forming On Bitcoin! Watch This Level
Massive Divergence Forming On Bitcoin! Watch This Level playing out on the 15 minutes timeframe. Can Bitcoin hold the $42k support?

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