Bitcoin price has found great support at the 200 MA on the 4 hour chart. This is the second time such a bounce has occurred recently. And the push back up has been equally strong except that the second wave produced a lower high and a lower low. This looks bearish.

On the other hand the RSI on the 4 hour showed a bullish divergence, with higher lows and higher highs. Also the RSI has just crossed over the 50 mark and into bullish territory. My bias is looking for price to go lower, but the RSI says otherwise.

So I am looking also at the 2 hour chart and here we can see more detail. The lower highs both met resistance at the 200 MA on the 2 hour, and the RSI is curling over toward the downside. Volume is dropping.

I will hold out on making a call either way for now. My preference for the dip is only because I want to accumulate more BTC, so my sentiment is swayed. Let’s just remember out training and observe.

Weekend trading may produce a bit of a price dip. On the 4 hour chart we can see that the 100 MA is holding as resistance for now, echoing the 2 hour chart. It could still go either way, and with volume dropping, I will wait it out before going long just yet. If the 100 MA on the four has a candle close above it, then I will consider going long.

However, on the daily we can see that the RSI has bounced off the 50 mark and it staying up in bullish territory. Talk about mixed signals.

I will keep you updated with further analysis as the price unfolds and more data emerges. Happy trading.