YouTuber crypto expert, Crypto Rover confirmed in his latest video that Bitcoin has finally achieved a bullish divergence on the daily time frame. He said that Bitcoin’s price is currently bouncing after highlighting a growth projection on Bitcoin’s “legendary” trend line.
Crypto Rover starts off the video by looking at the one-hour time frame for Bitcoin showing the BTC has once bounced from the range low. He stresses that the market should currently be aiming for support for the range low while shorting the resistance from the top side.
The analyst continues that after bouncing from the range low, Bitcoin’s next goal is to be breaking above the $17,000 mark which has historically suffered a lot of resistance in the current market.
However, Crypto Rover clarifies that the range low is not necessarily a good development and can mean danger in the BTC price section since new lows in the market suggest significant weakness, and the time frame indicates a weakening trend as BTC has recently been forming lower highs.
Furthermore, the crypto expert adds that it will not be surprising if Bitcoin continues to see another downtrend in the near future.
Moving forward to the four-hour time frame, the YouTuber cites that Bitcoin’s moving average convergence/divergence (MACD) has been bullish, which has shot the coin’s price section upwards.
Additionally, Crypto Rover expects to see a higher high compared to the last few highs, which can confirm a bullish trend. However, if BTC continues to trend on the current low high, things could get worse for the cryptocurrency.
While a V-shaped recovery can be observed for Bitcoin which could mean a good thing for the overall cryptocurrency market, it nevertheless, offers a weakening structure for Bitcoin. Until BTC breaks above the previous high in the market, the YouTuber chooses to stay bearish on the price section.
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Source: Cryptocurrency - investing.com
