Hello, everyone!

Yesterday I told you that we will see the dump in next 24 hour and we did. I thought that the potential local bottom is going to be at $37500, but the BTC hit $38300 and now is forming the reversal setup. Of course I think that this bottom will be local, not the bottom of whole bear market.

The Bitcoin price formed the extremely strong (triple!) divergence with MACD histogram which is enhanced with the divergence with the MACD line. To confirm the long signal we should see the current 4h MACD histogram column increasing. I opened long trade in advance, will close it in case of invalidation (risk is very low). All these actions are happening next to the S1 pivot level. I forgot about this powerful tool, which allowed me accurately predict the key reversal/bounce points. Moreover if we look at the earlier broken countertrend line, we can see that the price formed some kind of the retest on the increased volume . I opened long trade an anticipate the price growth to Fibonacci golden pocket level (1D Fibonacci retracement ).

Good luck!

DISCLAMER: This is not a financial advice, do you own study before making a decision on the real market. If you decided to follow the idea in this article, please restrict your risk to 0.5%-1% of your entire deposit.