📉Bearish divergence indicates reduced bullish momentum.
📊Bitcoin is currently forming a symmetrical triangle pattern on the 1-hour chart.
💪The trend is still considered bullish until proven otherwise.
📉Potential selling pressure from grayscale could impact short-term price action.
🔍The 4-hour chart shows an area of support around $40,000 to $41,000.
Does bearish divergence always lead to a trend reversal?
—No, bearish divergence suggests reduced bullish momentum, but other factors need to confirm a trend reversal.
What is the significance of the symmetrical triangle pattern?
—The symmetrical triangle pattern indicates a period of consolidation and often precedes a significant breakout.
What can we expect when stock market trading resumes and ETFs start trading again?
—There could be increased selling pressure from grayscale outflows, potentially impacting the short-term BTC price.
What are the potential price targets in case of a breakout?
—A breakout above resistance could target around $43,800, while a breakdown below support could target around $41,900.
What are the key support levels in the short term?
—There is significant liquidity around $40,300, just below the support level on the 4-hour chart.
00:00Bitcoin is running into critical support as the price forms a new pattern.
00:30Bearish divergence suggests reduced bullish momentum, but it does not guarantee a trend reversal.
02:23Bitcoin's price is still considered bullish until proven otherwise.
04:56Potential selling pressure from grayscale outflows could impact short-term price action.
09:59A symmetrical triangle pattern is forming on the 1-hour Bitcoin chart.
10:32Stock market trading resuming and ETFs trading could lead to a significant move in the BTC price.
12:59There is significant liquidity around $40,300, providing a key support level.
