In the daily timeframe, #BTC is showing a bearish divergence. Should we be concerned?
The cryptocurrency exhibited a precise movement, navigating from one level to another, primarily influenced by recent ETF news. However, it encountered resistance at the $47,000 mark, leading to a subsequent decline. The price retraced to a critical level, the grey box region around $42,000, where a potential rejection could occur. The overall market structure has now shifted towards a bearish sentiment, urging caution for any new trades. It's crucial to observe Bitcoin's stability at the current level; in the event of consolidation, there is a likelihood of significant upward movement in altcoins.
