BTCUSD - Intraday - We look to Sell a break of 46884 (stop at 48054)
Price action has formed a bearish ending wedge formation. 20 1day EMA is at 42700. A higher correction is expected. Trend line support is located at 47700. A break of 47000 is needed to confirm follow through negative momentum. Trading close to the psychological 50000 level. Bearish divergence can be seen on the daily chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
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