The price failed to form a new high, while the Stochastic indicator remains above the 20 level. This divergence, marked with a red line on the chart, indicates weakening of an upward momentum and increases the probability of a price decline.
The RSI is currently holding above the mark of 50. The indicator calculating formula logic suggests that, on average, the ascending movement is currently predominant.
The histogram of the MACD indicator remains above the signal line, indicating the local development of an upward movement. However, the indicator indications do not contradict the signal, marked on the chart.
Short positions should be prioritized to trade Bit.Cash. A trader can enter using the current price levels or, alternatively, it can be done after a retest of the resistance level.
📌 Entry: 511.17
✔️ First target: 471.84
✔️ Second target: 440.73
❌ Stop order: 534.69
Bit.Cash H4: A reversal signal from the Stochastic indicator
Leave a Reply