BTCs Bullish Divergence: Is This The Start of a New Uptrend or Just a Relief Rally

[NURTOMEN]

Just noticed a clean bullish divergence on the 4h chart and it's got me feeling slight hopium. Are we gearing up for a proper run or is this just a relief rally to get late longs rekt? Let’s hear your thoughts on this setup.

 

[wildcooler]

I'm gonna go ahead and call this a relief rally for now, we still haven't seen any significant volume pushing prices up and the overall trend is still bearish in my book. Bullish divergences can be deceptive, let's see if this one holds up as prices move closer to resistance. Maybe we get a slight upswing to around 35k before things drop again.

 

[rodnik]

I'm cautiously optimistic about a potential new uptrend, but we've seen this pattern play out in the past and it didn't lead to a sustainable bull run. That being said, the recent surge in volume and the retest of the key support levels do look promising. Let's wait and see how BTC reacts to the next challenge, maybe around the 200 SMA or that pesky resistance at around 42000.

 

[GoodINC]

I've been bearish on btc for a bit but I gotta admit the bullish divergence has caught my attention. We need to see some solid closes above 25k to confirm, otherwise it's just another dead cat bounce in my opinion.

 

[tamid]

I think we're seeing a relief rally for now, the bullish divergence is a good sign but we need to break 45k to confirm a new uptrend. Until then I'm staying cautious and waiting for more confirmation. BTC still has a lot of overhead resistance to push through before I start getting bullish again.

 

[Иван1982]

Volume is looking pretty weak for a real reversal, so I'm leaning towards this just being a relief rally. I'm gonna wait for a daily close above the key resistance before I ape in.

 

[panpan]

Looks promising on the 4H, but volume is totally dead so I wouldn't get too excited just yet. Feels like a textbook relief rally until we smash through that heavy resistance overhead.