$BTC
The RSI has diverged upwards on the 1d chart >60, leaning towards further increases. It has risen nearly 15% from the bottom of 74508
Support for altcoins is quite strong, increasing 45%-50% from the bottom continues
Need further volume confirmation.
- Selling pressure is decreasing: many investors may have sold off at the bottom, so this time there’s not much left to sell 🤣. This means that whales only need to buy gradually to push the price up when there’s no strong selling pressure anymore, or withdrawing large amounts of coins to wallets can also affect the price.
- Therefore, a false breakout of resistance may occur if there’s no additional volume coming in and selling pressure returns. The volume that pushed the price from 74508 to 864xx had issues as well. It does not guarantee a new price uptrend.
However, the RSI of the divergence is above >60, indicating that buying pressure is still strong among retail investors. Greed and fear >30. This supports investors in riding the recovery wave of altcoins when dominance shows signs of decreasing in the short term. Some altcoins have surpassed MA50 and are testing MA100
Thus, MA100 is the target in the coming days for these two.
And currently, it is the Easter holiday. Usually, after the holiday, around 5-7 days, BTC has dropped by 5%-10% in the last 3 years.
In summary:
If in the next few days the momentum increases strongly along with increased volume (the signal line crosses MACD upwards), there will be little risk of a deep correction. Conversely, it would be wise to take some profits.).
Currently, the RSI shows a bullish divergence, and the signal line crosses MACD upwards 😄. Those shorting altcoins should be careful not to get burned