BTCUSDT: bullish divergence in LTF
2024-10-04

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Let's analyse BTCUSDT on Shorter Time frame:

BTC has experienced a significant price decline, dropping nearly 9.5% over the past three days. The ongoing geopolitical conflict and market correction have contributed to this sharp price drop.

On the daily timeframe, BTC is currently trading above the 200-day MA. For a bullish trend to emerge, BTC needs s daily close above $63,000. A daily close below $60,000 could lead to a further decline, potentially reaching $57,000.

On the hourly timeframe, a bullish divergence is observed, with BTC forming lower lows while the RSI forms higher lows. This could be a potential bullish reversal.

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