"News Updates March 20 & 21, 2024"
1. Is Bull Run Over? Bitcoin Price Trapped Inside Bearish Channel. Bitcoin has managed to pare some losses, but the bulls should still be worried. According to analyst James Stanley, the Bitcoin price has formed a bearish channel after the most recent price drop. This comes after the Bitcoin price came awfully close to crashing below the $60,000 level earlier this Wednesday.<\/p>\n
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James Stanley<\/p>\n
@JStanleyFX<\/p>\n
#Bitcoin bearish channel after last week's indecision<\/p>\n
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down as much as -17.66% from the high last week <\/p>\n
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but still has tone of a bull flag given pace of prior breakout.<\/p>\n
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James Stanley<\/p>\n
@JStanleyFX<\/p>\n
big week for #Bitcoin<\/p>\n
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last week a doji w\/ hold right at that $69k prior high <\/p>\n
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$BTCUSD<\/p>\n
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What's a bear flag? The bearish flag is a popular trading pattern that typically signals the continuation of a downtrend. Failing to record any lasting uptrend, the Bitcoin price gets trapped within two parallel trend lines, with bears being determined to push the price lower. However, it is worth noting that this pattern is far from being infallible: a sudden change in the price trend could invalidate it. If the consolidation phase continues for way too long, sellers might end up running out of momentum. In such a case, the bulls would be able to resume the uptrend. According to popular cryptocurrency trader Scott Melker, there has been a confirmed bullish divergence on the four-hour chart of the largest cryptocurrency. This might signal that buyers are finally ready to step in. <\/p>\n
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The Wolf Of All Streets<\/p>\n
@scottmelker<\/p>\n
$BTC 4-HOUR<\/p>\n
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Nice confirmed bullish divergence here. 6-hour as well. Pointed out in newsletter.<\/p>\n
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Once again, the easiest signal to find bounces and at least local bottoms.<\/p>\n
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Watching for potential hidden bearish divergence. Also still not oversold on any time frame above 4-hour<\/p>\n
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The Wolf Of All Streets<\/p>\n
@scottmelker<\/p>\n
My charting strategy on corrections (and pumps) is very simple and clear. <\/p>\n
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Wait for RSI to be oversold or overbought, then look for divergences. <\/p>\n
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We had bear divs all over the charts at this local top - now we look for bull divs at the bottom.<\/p>\n
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4-hour is almost oversold<\/p>\n
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The silver lining Still, according to Stanley, there is some hope for the bulls. He has noted that there is \"a tone of bull flags\" following Bitcoin's rapid ascent to record highs. This means that the uptrend, which has been propped up by record-breaking inflows into Bitcoin exchange-traded funds (ETFs) still has some legs. Last week, the Bitcoin price reached an all-time high of $73,737.94, according to CoinGecko data. However, since then, the largest cryptocurrency has given up a large portion of its gains, slipping to as low as $60,913 earlier today. Earlier today, the Bitcoin price has managed to pare some losses. At press time, it is trading at $64,599. <\/p>\n
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